Ampega Real Estate has acquired an office and retail building at Schloßstraße 20 in Berlin-Steglitz from the Hines Pan-European Core Fund (HECF) on behalf of HDI Deutschland.
Financial details were not disclosed.
The new main tenant Globetrotter took over the retail space from Sport Scheck in the summer, and will open its new experience store in October.
Djam Mohebbi-Ahari, managing director of Ampega, said: 'This modern property in a prime location on the highly frequented Schloßstraße offers excellent flexibility and complements our retail portfolio perfectly.
'With our new main tenant Globetrotter, we have a sustainable retail concept that will offer customers an exciting shopping experience thanks to its high level of product range and consulting expertise.'
Christoph Reschke, co-managing director for Germany at Hines Immobilien, added: 'The new letting to Globetrotter in a challenging market environment for retail properties confirms that stationary retail can be successful if location, property and letting concept are carefully coordinated.'
Noted Peter Epping, fund manager of the Hines Pan-European Core Fund: 'The sale of the property is another successful example of our strategy to create long-term value through active asset management. After nine years, we are pleased to have achieved a result for our investors that significantly exceeds expectations. Even after the sale HECF will continue to be a long-term investor in Berlin.'
Ampega was advised by GSK Stockmann, CBRE and GMA Gesellschaft für Markt- und Absatzforschung.
The seller was legally advised by P+P Pöllath + Partners. Comfort brokered the transaction.
