Deutsche Asset Management (Deutsche AM), the property arm of Deutsche Bank, has acquired a 90% share in a Berlin shopping centre and 100% of a mixed-use property in Paris.
Both investments were made on behalf of a €300 mln European retail property mandate awarded to Deutsche AM by an institutional insurance company.
'These acquisitions represent quality retail investments in the capital cities of Berlin and Paris,' commented Georg Allendorf, head of real estate, Europe at Deutsche AM. 'We will continue to seek core retail properties across Europe as we expand the portfolio on behalf of our valued investor.'
Neukölln Arcaden (pictured), a dominant shopping centre in Berlin’s popular Neukölln district, comprises over 37,000 m2. It includes a diverse tenant mix with retail anchors such as Kaufland, Media Markt, New Yorker, Jack & Jones and Rossmann, as well as offering a cinema, municipal library, Deutsche Post, and over 600 car parking spaces.
The mixed-use property in the eleventh district of Paris, at 89-91 avenue Ledru Rollin, is a retail-anchored property built at the end of the nineteenth century. The building is fully let to a Monoprix supermarket and several office tenants.
Deutsche AM's recent retail acquistions across Europe include Diagonal Mar in Barcelona, Spain, Palace Exchange Shopping Centre in Enfield, Greater London, Stary Browar in Poznan, Poland and PalaisQuartier, Frankfurt.
Deutsche AM currently holds €49.7 bn globally in real estate assets under management as of June 30, 2017.
