German-listed real estate company Branicks Group has sold a retail property in Bremen city centre to municipal urban developer Brestadt for €37.2 mln.
The closing of the sale of the former Horten-Kaufhaus, located at Papenstrasse 5, is expected by the end of the year.
The multi-tenant property, most recently known as the Galeria Kaufhof department store, was constructed in 1972. It was acquired in 2011 by Branicks and most recently housed Opti-Wohnwelt and other retailers until its closure in 2020.
Sonja Wärntges, CEO of Branicks Group, commented on the transaction: ‘For us, the sale contributes to our further financial consolidation and the sharpening of our portfolio in line with our strategic orientation and focus on the logistics, office, and renewables asset classes and is a further step towards achieving our planned sales target in the Commercial Portfolio for 2024.’
The latest divestment brings Branicks Group closer to its projected €500-600 mln commercial portfolio sales target, having already surpassed €450 mln.
Last month, Branicks Group sold a package of four logistics properties from the existing portfolio of VIB-Vermögen (69% owned) to EQT Exeter for an undisclosed price. It also notarized the sale of the Cologno business park, whose closing is planned by the end of the year, to the special AIF BEOS Light Industrial Germany I managed by Swiss Life.
As of 30 September 2024, Branicks Group managed properties with a market value of €12.1 bn.
