BMO Real Estate Partners Germany has acquired a Karstadt department store in Bad Homburg, on behalf of the AIF real estate fund 'Best Value Germany III'.
The vendor of the property was the Rosco group of companies. The parties have agreed not to disclose the purchase price.
The property has a total rental area of more than 18,800 m2 and is located in a prime location of the pedestrian zone at Louisenstraße, the central shopping and promenade of the German spa town.
'With the Karstadt branch in Bad Homburg, we have secured a real highlight in the central shopping location of one of the most popular medium-sized cities in Germany," said Thomas Hübner, head of investment at BMO Real Estate Partners Germany. 'Decisive for the contract was our local market knowledge and networking.'
Best Value Germany III is the latest product of the Best Value series of BMO Real Estate Partners Germany. The fund, with a planned target volume of €300 mln, is currently in the fundraising phase. It has already received equity commitments from institutional investors amounting to more than €86 mln. It primarily invests in inner-city retail properties and retail parks in economically strong cities and towns in Germany and is administrated by the Hansainvest Hanseatische Investment.
The special fund now holds a total volume of more than €150 mln following the acquisition in Bad Homburg and other deals. More acquisitions are currently under due diligence.
