Deka Immobilien has signed a preliminary agreement to acquire the Neumarkt Galerie shopping centre in Cologne from a property company managed by the Irish-German group Signature Capital.
Deka Immobilien has signed a preliminary agreement to acquire the Neumarkt Galerie shopping centre in Cologne from a property company managed by the Irish-German group Signature Capital.
The purchase price is in the region of €295 mln.
The building, located in the centre of the city, is currently undergoing comprehensive refurbishing, due for completion later in 2014. After completion, the 37,000 m2 shopping centre will be added to the portfolio of the Deka-Immobilien Europa open-ended real estate fund. The asset is targeting a 'Very Good' rating under BREEAM In-Use sustainability certification.
The complex, which is 86% let at the moment, consists of 18,000 m2 of retail accommodation, 9,000 m2 of clinic space and 5,000 m2 of office areas. The remainder is storage and ancillary areas. Primark, clinic operator PAN Klinik and Mayersche Booksellers are the main tenants.
The vendor was advised by Jones Lang LaSalle; the purchaser by CB Richard Ellis.