German property group Becken has acquired the RingCenter III shopping centre in Berlin from an investment fund of Credit Suisse Asset Management for an undisclosed sum.
Fully let to Galeria Karstadt Kaufhof department store chain, the four-storey property at Frankfurter Allee 113-117 provides around 13,500 m2 of floor area.
Located in the district of Lichtenberg, the RingCenter III offers convenient access via the S- and U-Bahn station Frankfurter Allee, while those coming by car can use one of the more than 700 parking spaces in the garage.
With around 50 stores, the shopping centre provides a diverse mix of specialty stores, service outlets and restaurants/cafés.
Jens Hogekamp, managing director of Becken Development, said: ‘Even in market cycles like the present one, we remain on the look-out for auspicious properties with development potential in attractive locations and at market-consistent prices.’
Roland Köppe, authorised signatory and head of acquisition at Becken in Berlin, added: ‘The RingCenter III shopping centre, with its highly convenient public transport links and its urban location on the district boundary between Friedrichshain and Lichtenberg, implies optimal geographic parameters. With this acquisition, Becken has expanded its involvment in Berlin’s real estate market, now owning three sites.’
CBRE acted as broker, while legal counsel was provided by law firms Oberthür & Partner Rechtsanwälte and Walch Rittberg Nagel Rechtsanwälte und Steuerberater Partnerschaft for the buyer, and by Ashurst on the seller side.
