A UK-based arm of Deutsche Asset Management, has purchased a shopping centre in Berlin's Neukölln district from Tristan Capital Partners.
Curzon Capital Partners III (CCP III), one of Tristan Capital Partners’ family of funds, acquired the 37,500 m2 Neukölln Arkaden centre in 2014 from an open-ended fund in liquidation.
The financial details of the sale to London-based Deutsche Alternative Asset Management were not disclosed.
'We seized the opportunity to secure at an attractive price this well-established and dominant centre in a dynamic part of Berlin, which is undergoing rapid gentrification,' commented Jean Philippe-Blangy, head of Asset Management at Tristan Capital Partners. 'Our asset management efforts have increased the average lease term and enhanced net operating income, repositioning the property as a stabilised institutional-quality asset, in keeping with the remit of the fund.'
Since acquisition, the fund has signed lease extensions with Media Markt and Kaufland of seven years and five years respectively, plus a new 13 year lease contract with Contipark, increasing occupancy to 95%.
The centre now has 45 tenants, including Kaufland, MediaMarkt, Deutsche Post, Rossmann, AOK, New Yorker and Douglas, plus a rooftop bar, cinema complex and fitness centre. It has parking for about 600 vehicles.
Advising CCP III on the sale were JLL, Greenberg Traurig and PWC.
