German fund manager Deka Immobilien has announced the purchase of Schloss-Arkaden shopping centre in Brunswick, near the German city of Hannover from the CS Euroreal fund managed by Credit Suisse Asset Management. With a transaction volume of EUR 250 mln, the acquisition is one of Germany's largest single-asset property deals signed in 2010.
German fund manager Deka Immobilien has announced the purchase of Schloss-Arkaden shopping centre in Brunswick, near the German city of Hannover from the CS Euroreal fund managed by Credit Suisse Asset Management. With a transaction volume of EUR 250 mln, the acquisition is one of Germany's largest single-asset property deals signed in 2010.
Completed in 2007, the scheme is located in a prominent location on the eastern edge of the city with a catchment area of 650,000 inhabitants. It is the largest retail scheme in Brunswick with around 55,500 m2 of total lettable area including 34,500 m2 of retail space, 13,500 m2 of office accomodation and 1,268 parking spaces. The shopping centre is fully leased to a total of 149 tenants.
The asset is earmarked for the open-ended fund Deka-ImmobilienEuropa. 'This purchase is one of the five largest single-asset property transactions in Germany last year,' said Thomas Schmengler, managing director of Deka Immobilien.
The buyer was advised by CB Richard Ellis and law firm Goerg.
