The Highstreet consortium has sold a shopping centre in northern Germany to developer-investor Matrix Immobilien, PropertyEU has learned.
The Highstreet consortium has sold a shopping centre in northern Germany to developer-investor Matrix Immobilien, PropertyEU has learned.
The price for the mall, which is located in Norderstedt, amounts to €15 mln, reflecting a net initial yield of 7%, according to well-informed market sources.
The Highstreet consortium consists of Goldman Sachs' Whitehall Funds, Deutsche Bank's RREEF unit, Prelios and Generali Real Estate.
Matrix plans to extend the scheme with the addition of a new Saturn store and Rewe hypermarket.
The disposal comes shortly after Highstreet's sale of a portfolio of Karstadt department stores in Germany for €1 bn. The portfolio, which includes the Kaufhaus des Westens (KaDeWe), an iconic department store in Berlin, was sold to Austrian real estate investor Signa Holdings.
