Cordea Savills acquires Berlin mall

Cordea Savills' European Commercial Fund has acquired the Nordmeile shopping centre in the Reinickendorf district of Berlin.

The shopping centre was sold by the Royal Bank of Scotland for €41 mln.

The centre comprises a total lettable area of 18,700 m2 and is let on long leases to a mixture of regional, national and international retailers such as Edeka, Rossmann, Medimax and Futterhaus.

'A key driver for the acquisition of Nordmeile was that turnover figures are very good and have steadily increased since opening in 2003. This not only secures a stable income for the fund, but also creates the opportunity to increase value', commented Daniel Hohenthanner, director of investment at Cordea Savills.

Cordea Savills was advised by Pöllath + Partners, the vendor by Latham & Watkins and CBRE.

The European Commercial Fund is a Luxembourg specialised investment fund (FCP-SIF) for institutional investors. The €560 mln portfolio consists of 18 assets located in core western European countries.

Cordea Savills came in at nr 44 in PropertyEU's Top Investors ranking with assets under management of 8.1 bn. The full publication is available in the link below.