Berlin-based real estate investment firm Carlton has acquired a 60% stake in the Socrates portfolio of 10 Real hypermarkets from owner, retail giant Metro's property arm.
Berlin-based real estate investment firm Carlton has acquired a 60% stake in the Socrates portfolio of 10 Real hypermarkets from owner, retail giant Metro's property arm.
Carlton Investment is a joint enterprise between Hildesheim-based company group Lüder and Berlin-based Jan Wehle.
Metro Properties is retaining an interest in the German property portfolio with a 40% shareholding in the holding company where the assets are being transferred to. Financial details were not disclosed.
'The objective is to sustainably boost and enhance the attractiveness and footfall of the retail stores that are of strategic importance to Real through the gradual renovation and development of the properties,' said Metro in a statement.
The company bought back the assets in 2014 from the Delek Group. 'When we addressed the projected resale more closely after reacquiring the properties, we soon realised just how much potential the individual stores offered for increasing attractiveness and value,' said Jürgen Schwarze, CFO at Metro Properties. 'To achieve optimum leverage of this potential, apart from solid financing, an experienced project developer was also required who contributes the specialised competence and drive to
reposition large-area retail real estate.'
The Lüder group of companies is a project developer that operates across Germany. It specialises in the development of large-area retail.
'We look forward to implementing attractive project developments in collaboration with Real in order to raise the intrinsic value of the individual stores,' said Carlton's General managers Sebastian Lüder and Jan Wehle.
Specifically, the Real hypermarkets that form a part of the transaction are Bremerhaven-Pferdebade, Castrop-Rauxel, Gross-Gerau, Darmstadt, Freiburg (Gundelfinger Strasse), Heidenau, Würzburg (Nürnberger Strasse), Wetzlar, Raunheim and Wiesbaden (Mainzer Strasse).