Deka Immobilien has announced the acquisition of two established shopping centres in Germany for around €147 mln from Partners Group and Arax Properties.
The assets - Berlin's Allee Center and Dresden's Seidnitz Center - will be added to the portfolio of Deka's WestInvest TargetSelect Shopping fund.
Both centres have a good location in their respective districts and their offering is focused on food and drugstore products while also including some office space.
Completed in 1993, the Allee-Center Berlin comprises around 16,000 m2 of rentable space as well as 322 parking spaces. The Rewe rental area is currently being renewed with a planned reopening for July 2020.
The Seidnitz Center in Dresden offers 33,000 m2 of rentable space and 950 free parking spaces. The property was built in 1993/1994 and extensively renovated in the recent past.
Following these two investments, WestInvest TargetSelect Shopping Fund manages over €1 bn of assets.
BNP Paribas advised the buyer.
