Global real estate investment manager CBRE Investors has made the first purchase in Germany for CB Richard Ellis Investors Pan-European Core Fund (PEC Fund). The fund - which has acquired four assets so far in Europe - has bought a retail complex in the centre of Berlin for an undisclosed amount.
Global real estate investment manager CBRE Investors has made the first purchase in Germany for CB Richard Ellis Investors Pan-European Core Fund (PEC Fund). The fund - which has acquired four assets so far in Europe - has bought a retail complex in the centre of Berlin for an undisclosed amount.
Developed in 2008, the property is located in the Mitte district of Berlin and offers 12,000 m2 of space, predominantly let to German national retailers including Kaufland, Norma, Kik and Rossman. The anchor tenant, Kaufland, accounts for 65% of the total rent with a lease running until 2028.
The acquisition follows purchases in London and Paris and is in line with the PEC Fund's long-term investment strategy. This fund targets core investments across Europe with a strong emphasis on long-term secure income in the retail and industrial sectors while also targeting shorter term tactical acquisitions within the office sector.
CBRE Investors was advised by the Berlin office of Jones Lang LaSalle (formerly King Sturge).
