Irish investor Greenman Investments and global private equity player Quilvest Real Estate have jointly acquired a German inner-city retail property near Cologne from Meag for €30 mln.
RheinBerg Passage, a 9,500 m2 shopping centre based in Bergisch Gladbach, near the city of Cologne, opened in 2007. Greenman and Quilvest plan to refurbish the centre and diversify its tenant mix to enhance its focus on food retailing.
'In RheinBerg Passage, we have acquired an attractive property in a superb high-street location that comes with a high value-add potential,' commented John Wilkinson, CEO of Greenman Investments.
'The asset possesses strong fundamentals, such as its high street location and strong catchment area, with Bergisch Gladbach residents demonstrating higher than average purchasing power,' added Marc Manasterski, global head of Quilvest Real Estate.
Meag, the asset manager of Munich Re and Ergo, acquired the property in 2008 through its real estate special fund, Meag German SuperStores. The fund invests throughout Germany in large-scale retail assets.
'As part of our active investment strategy, we are optimising our portfolio through acquisitions and sales, with the aim of generating a long-term stable cash flow,' commented Hans-Joachim Barkmann, managing director of Meag.
Bottermann Khorrami advised the buyers on legal matters, while Axcit Capital Partners acted as debt advisor.
Tenzing partners acted as M&A advisor while JLL advised Meag on the sale.
