UK REIT Stenprop, represented by Montano Asset Management, is selling the Hermannquartier inner-city retail warehouse centre in Berlin-Neukölln to an ILG Capital institutional fund.
The retail warehouse and office complex, adjoining the Hermannplatz S- and U-Bahn station, is changing hands for €30.8 mln.
The three-storey complex has a lettable area of 8,320 m2. Built in 2008, it is mostly let to Rewe, Netto, dm and Kik, with a variety of other retail tenants. Around 15% of the accommodation is let to office occupiers, cafés/restaurants and medical practices.
An ILG Capital spokesman commented: ‘We were particularly impressed by the location. Hermannstrasse, which links several popular ‘Kieze’ (Berlin neighbourhoods), features dense residential and commercial development. The high-footfall location, with direct access to the Berlin S- and U-Bahn network, will continue to feature established retail tenants and attract numerous visitors in the future.’
Mazars Rechtsanwaltsgesellschaft acted for the purchaser on legal and taxation issues, while REC Partners GmbH advised on technical matters. The vendor was advised by Jebens Mensching Rechtsanwälte, Hamburg, as well as with CBRE and CBRE Preuss Valteq.
