Hamburg-based shopping centre investor Deutsche Euroshop has announced the purchase of the Billstedt-Center in Hamburg, its second shopping centre in the region. The property was acquired from Prime Commercial Properties. The transaction, expected to be completed on 1 January 2011, represents an investment of EUR 160 mln, and a net initial yield of 6%.
Hamburg-based shopping centre investor Deutsche Euroshop has announced the purchase of the Billstedt-Center in Hamburg, its second shopping centre in the region. The property was acquired from Prime Commercial Properties. The transaction, expected to be completed on 1 January 2011, represents an investment of EUR 160 mln, and a net initial yield of 6%.
Deutsche Euroshop's portfolio now comprises 18 shopping centres with a market value of EUR 3.3 bn. 'The Billstedt-Center is a long established and stable centre, which fits very well into our portfolio,' commented CEO Claus-Matthias Böge.
Billstedt-Center is fully let and provides 40,000 m2 of retail area on two levels. It includes 110 shops, a hypermarket, a specialist consumer electronics retailer (Media Markt), three fashion houses (C&A, TK Maxx and H&M), as well as a Karstadt department store, owned by a third party. The complex also comprises 3,500 m2 of residential and office space as well as parking for 1,500 cars.
The scheme was built in two stages in 1969 and 1977, with a major refurbishment in 1996. It is located in the eastern part of Hamburg and has been managed by ECE Projektmanagement since 1990.
German public company Deutsche Euroshop invests solely in shopping centres in prime locations, with interests in 18 European shopping centres in Germany, Austria, Hungary and Poland.
