Pan-European retail real estate investment manager Redevco, acting on behalf of one of its investor clients, has acquired a super prime retail asset in Berlin from a private investor.
Financial details were not disclosed.
The property, at Tauentzienstraße 16, is located on the corner with Marburger Straße in close proximity to luxury department store KaDeWe.
'Berlin ranges amongst the most sought-after locations for investments in retail real estate in Europe, and within Berlin, Tauentzienstraße is undisputedly the retail hot spot,' commented Andrew Vaughan, CEO of Redevco. 'The Redevco investment strategy aims exactly at future-proof properties and locations like this.'
The building has a listed façade and consists of six floors, including a basement with a complete floor area of over 4,000 m2. The main tenant, perfumery chain Douglas, occupies a corner unit on the ground and first floors with 18 metre shop fronts to each side.
Redevco was advised by McDermott Will & Emery. The transaction was brokered by UBS Real Estate Advisory.
