Evans Randall acquires EUR 220 mln Stuttgart shopping centre

UK investment banking group Evans Randall has entered the German market by acquiring the Konigsbau Passegen shopping centre in Stuttgart from HSH N Real Estate for EUR 220 mln. The sale is subject to the approval of the Baden-Wuttemberg state trust.

The deal comes seven months after Evans Randall acquired the Haagse Poort office building in The Hague from Dutch bank ING for EUR 220 mln. The acquisitions are part of Evans Randall's ongoing investment programme throughout Europe and brings the total acquisitions by the group to around EUR 3 bn in less than two years. 'Transactions in Germany and the Netherlands totalling a further EUR 400 mln are expected in the coming weeks,' the British-based group said, adding that it aims to have a portfolio of more than EUR 1 bn in Western Europe alone by March 2007.

Konigsbau Passegen is a shopping centre and office complex in the centre of Stuttgart, comprising of 27,000 m² of retail and 18,000 m² of modern office space. Opened in April, the development connects with Konigsstrasse, Stuttgart's main pedestrian shopping street. The acquisition was financed by HSH N Real Estate's parent company, HSH Nordbank. The investment reflects a yield of 5.25%, Evans Randall said.