Investment and asset management group Catalyst Capital has acquired Der Clou shopping centre in Berlin for EUR 70 mln from German property group Commerz Grundbesitz for its WCC Europe Fund. Situated in the south-eastern Reinickendorf district near Berlin-Tegel airport, the property consists of a 20,200 m[sup]2[/sup] two-storey shopping centre and an adjoining 1,700 m[sup]2[/sup] office building on three floors.
Investment and asset management group Catalyst Capital has acquired Der Clou shopping centre in Berlin for EUR 70 mln from German property group Commerz Grundbesitz for its WCC Europe Fund. Situated in the south-eastern Reinickendorf district near Berlin-Tegel airport, the property consists of a 20,200 m2 two-storey shopping centre and an adjoining 1,700 m2 office building on three floors.
The shopping centre's anchor tenants include a 4,320 m2 Saturn electrical goods store and a 2,750 m2 REWE supermarket. The annual rental income of about EUR 4.4 mln reflects a gross yield of almost 6.25% for the transaction. Catalyst partner Anthony Yiannakis said that there were opportunities to add value by improving the centre’s tenant mix and rental stream, and that the company were seeking further opportunities of this kind throughout Germany and the rest of Europe. Catalyst was advised by King Sturge on the deal, while Cushman and Wakefield acted for Commerz Grundbesitz.
