Europa Capital sells Berlin mall to Real I.S.

Europa Capital is selling Forum Steglitz shopping centre in Berlin to BGV V, a Spezial institutional fund managed by Munich-based Real I.S. Investment.

The parties agreed to keep the purchase price confidential.

The 32,000 m2 centre, the first mall to be built in the German capital in the early 1970s, is 99% let to tenants including Hennes & Mauritz, Lidl, Rossmann, Innova, Intersport, Tom Tailor and Spiele Max.

Europa Capital purchased the property in July 2009, from Hammerson as the UK REIT was withdrawing from Germany. Europa Capital engaged Real-ity as leasing and asset manager and their principals took an equity interest alongside Europa.

During their four-year ownership, Europa and Real-ity executed 40 leasing transactions, increasing occupancy rate from just over 80% to 99%.

'This sale represents the successful culmination of four years' intensive asset management in a challenging environment,' said Tom Vail, senior asset manager in Europa Capital's Middle Europe region.