German property company Quantum Immobilien KAG said it has bought three Karstadt department stores belonging to the Highstreet portfolio for around EUR 250 mln.
German property company Quantum Immobilien KAG said it has bought three Karstadt department stores belonging to the Highstreet portfolio for around EUR 250 mln.
The properties are located in Hamburg and Münster and will be added to Quantum's new Prime Retail Germany fund. They offer over 142,000 m2 of office space and close to 900 parking spaces.
The deal comes a few weeks after Quantum acquired four Karstadt car parks from the Highstreet consortium for around EUR 40 mln. The car parks are located in the cities of Frankfurt am Main, Düsseldorf, Lüneburg and Lörrach. They offer a total of 1,600 parking spaces and 52,000 m2 of floor space entirely leased to Karstadt.
The Highstreet consortium comprises Goldman Sachs' Whitehall Funds (51%), Deutsche Bank's RREEF funds (24%), Milan-based Prelios, (12%), Generali (11%) and the Borletti Group.
