German fund manager Real I.S. is transferring its Hamburger Meile shopping and office complex on the Hamburger Straße to the new Bayernfonds Deutschland 23 closed-end fund which will be marketed to investors in the third quarter.
German fund manager Real I.S. is transferring its Hamburger Meile shopping and office complex on the Hamburger Straße to the new Bayernfonds Deutschland 23 closed-end fund which will be marketed to investors in the third quarter.
The fund will have equity of EUR 126 mln and a total debt level of EUR 120 mln. It will aim to distribute an annual dividend of 6% over its life term of 10 years.
Real IS purchased the asset in May 2011 from a partnership of retail specialist ECE Projektmanagement and Hamburg-based developer Bruhn. ECE is retaining a 15% stake and the management of the centre.
Completed in 1970 by Bruhn Group, Hamburger Meile re-opened in April 2010 after a EUR 200 mln revamp and extension programme. The scheme offers 50,000 m2 of retail accommodation across 150 shops as well as a 15,000-m2 office tower mostly occupied by the City of Hamburg. Located in the Barmbek-Süd city district in the northern part of the city, Hamburger Meile also offers around 2,500 parking spaces.
The retail element is 99%-let with an average remaining lease term of 8.8 years.
