UK-based asset manager Orion Capital Managers' Income Return Partners fund has sold the Allee centre in Berlin for a price believed to be just under €60 mln.
UK-based asset manager Orion Capital Managers' Income Return Partners fund has sold the Allee centre in Berlin for a price believed to be just under €60 mln.
The buyer is believed to be Arax Properties.
Located in the Bezirk Lichtenberg residential suburb of Berlin, the Allee mixed-use scheme provides 12,300 m2 of retail space over 50 shops as well as 3,100 m2 of office accommodation.
The ECE-managed property located in Berlin's Hohenschönhausen district also features 316 car parking spaces. Tenants include Aldi, Kaisers and Woolworths.
Orion hired agent Savills last fall to bring the centre to the market for a price in the region of €60 mln.
The scheme was bought by Orion Capital Managers in 2011 from a closed-end fund managed by DWS, the mutual fund company of Deutsche Bank's Asset Management Business Division. The transaction price was not revealed at the time, but was believed to be in the region of €50 mln.
Law firm Freshfields Bruckhaus Deringer advised Orion on the deal.
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