Redevco has bought a Karstadt department store in Berlin from a fund advised by Meyer Bergman.
The asset, which is located on Wilmersdorfer Strasse in Charlottenburg, has been acquired for Redevco's investor clients. The purchase price was not disclosed.
'Berlin is currently among the most popular retail property investment destinations in Europe,' commented Andrew Vaughan, CEO of Redevco. 'Located in the middle of one of the city’s prime shopping streets and in the vicinity of the Wilmersdorfer Arcaden Shopping Centre, this Karstadt flagship store combines high street ‘experience’ and local ‘convenience’ shopping.'
Vaughan added: 'Redevco will be looking to invest in these type of locations that unite the two main drivers of the modern retail market.'
Karstadt, one of only two large department store chains in Germany, has occupied the asset for over 100 years. The building has around 22,000 m2 of lettable space, including 16,826 m2 of retail sales area.
Meyer Bergman European Retail Partners II, which had its final close after raising a total of €750 mln of equity in the third quarter of 2014, sold another property occupied by Karstadt, on Berlin's Hermannplatz, in September 2016.
The fund's remaining assets include shopping centres in Northern England and the Czech Republic, high street properties in London, Milan and Oslo, and two redevelopment projects in London’s Bayswater and Borough neighbourhoods, both of which obtained planning consent earlier this year.
Simmons & Simmons and PWC advised Meyer Bergman.
Savills and Hogan Lovells advised Redevco.
