London-based Arab Investments has acquired the Sankt Annen Galerie shopping and leisure centre in Brandenburg an der Havel, Germany from High Gain House Investments (HGHI Berlin). The transaction, which is being financed by Eurohypo, involves an investment of around EUR 53 mln. Savills advised Arab Investments on the acquisition.
London-based Arab Investments has acquired the Sankt Annen Galerie shopping and leisure centre in Brandenburg an der Havel, Germany from High Gain House Investments (HGHI Berlin). The transaction, which is being financed by Eurohypo, involves an investment of around EUR 53 mln. Savills advised Arab Investments on the acquisition.
This is the first purchase made by Arab Investments on behalf of its second German investment fund. The asset is centrally located in Brandenburg's historic Old Town and offers 15,000 m2 of retail and leisure space across four floors as well as 400 car parking spaces. The retail gallery accommodates a supermarket, a consumer electronics store, a book store and various fashion shops. The centre is anchored by C&A, Media Markt and Rewe.
Arab Investments is close to completing a further EUR 250 mln worth of deals in the country, including the acquisition of two properties in Berlin, according to Lars-Oliver Breuer, managing director of Savills Immobilien Beratung which advised the buyer. In May last year the company also bought Berlin's Zehlendorfer Welle retail property from developer OFB Projektentwicklung for some EUR 70 mln, or a yield of 6.1%.
The company specialises in the structuring of Sharia-compliant funds for Middle Eastern investors. Arab Investments has been active in the German market since 2006 while in the UK the company is currently developing London's highest building, the Pinnacle Tower which will provide 93,000 m2 of space on completion.
