Agent Savills has brought the Allee Center in Berlin, Germany to the market for a price in the region of €60 mln.
Agent Savills has brought the Allee Center in Berlin, Germany to the market for a price in the region of €60 mln.
Located in the Bezirk Lichtenberg district, a residential suburb of Berlin, the 16,152 m2 shopping centre is owned by OIRP Investment 12, a vehicle managed by private equity firm Orion Capital Managers.
The ECE-managed property located in Berlin's Hohenschönhausen district features 48 retail units and 316 car parking spaces with tenants including Aldi, Kaisers and Woolworths.
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.
Oliver Fraser-Looen, director of cross-border retail investment at Savills, commented: 'The property offers investors secure long-term income from an asset class that is highly desirable. Given the weight of capital in the market at the moment from both national and international groups we anticipate a strong level of interest.'
