Germany's leading retail developer ECE Projektmanagement has bought three Karstadt department store properties from the Highstreet portfolio for an undisclosed sum.
Germany's leading retail developer ECE Projektmanagement has bought three Karstadt department store properties from the Highstreet portfolio for an undisclosed sum.
The properties consist of a 11,000 m2 department store in Mainz and Karstadt premises in the cities of Leonberg and Nuremberg measuring 9,000 m2 and 8,850 m2 respectively which form part of shopping centres already owned by ECE. All three properties are let on long-term leases to Karstadt.
ECE plans to redevelop the Mainz store into a new shopping centre in due course.
The acquisitions follow the purchase at end-May by German property company Quantum Immobilien of three other Karstadt department stores for around EUR 250 mln. Earlier, Quantum acquired four Karstadt car parks from the Highstreet consortium for around EUR 40 mln.
The Highstreet consortium comprises Goldman Sachs' Whitehall Funds (51%), Deutsche Bank's RREEF funds (24%), Milan-based Prelios, (12%), Generali (11%) and the Borletti Group.
