Madison International Realty has bought a portfolio of four German shopping centres.
The investment manager acquired the 214,000sqm Christie portfolio in a joint venture with Hamburg-based asset manager Redos.
The portfolio, which includes assets in Berlin and Dresden, is 90% leased.
Matthias Cordier, director of Madison in Frankfurt, said: “The portfolio fits Madison’s strategy of buying established prime assets with good in-place cash flow, as well as embedded value-enhancement opportunities that will be driven by investments in targeted, on-site initiatives that optimise the tenancy in existing high-volume centres.”
The properties are in strong sub-markets, Cordier said.
Refurbishments and logistical improvements to the centres will be made, with a focus on the properties in Eiche, where construction is nearing completion, and Dallgow, near Berlin, as well as the centre in Dresden.
Kaufland is anchor tenant at all four properties, occupying around 56,000sqm.