Berlin's Quartier 206 auction collapses after €40M bid deemed too low
Berlin (dpa/bb) – The auction of the commercial property Quartier 206 on Friedrichstraße has failed—for now. The Mitte District Court refused to award the property to the highest bidder after their offer fell below 50 percent of the market value, the court announced. The site is valued at approximately €187 million.
According to the court, two bids were submitted during an auction hearing last week, with the higher offer reaching just €40 million. The ruling was subsequently postponed until this Friday.
Quartier 206 forms the centerpiece of the so-called Friedrichstadt-Passage, situated between the former Galeries Lafayette department store and the Quartier 205 office building. Once a major shopping destination, much of the complex has stood vacant for years. The district court's decision is not yet legally binding, and parties have two weeks to file an objection with the Berlin Regional Court.
