European multi-let specialist fund and asset manager Valad Property Group has secured a major letting at the former HQ of high-end fashion house Escada at Margaretha-Ley- Ring in Aschheim-Dornach, near Munich. One of Europe’s leading fashion wholesalers, Schustermann and Borenstein, has taken 9,600 m[sup]2[/sup] in the building on a new 10-year lease.

European multi-let specialist fund and asset manager Valad Property Group has secured a major letting at the former HQ of high-end fashion house Escada at Margaretha-Ley- Ring in Aschheim-Dornach, near Munich. One of Europe’s leading fashion wholesalers, Schustermann and Borenstein, has taken 9,600 m2 in the building on a new 10-year lease.

The complex, which is part of Valad’s German Aktiv Property Fund, was revitalised by Valad after Escada vacated and is now attracting more companies in the fashion sector. New tenants in the past year include Europe’s largest bridal and evening wear supplier, Cecile, and women’s plussize specialist, Ulla Popken. H.E.I.N.Z., a leading supplier of hygiene and cleaning products, also leased 2.400 m2 in the building earlier this year.

Klaus Kortebein, Head of Germany at Valad, commented. 'The success of Margaretha-Ley- Ring is due to its easy accessibility and the flexibility of the buildings. This provides the opportunity to take the buildings from warehouse use into more valuable wholesale use. We can also accommodate occupiers’ individual requirements, working with them on creative solutions as part of the long term partnership.'

Separately, Valad announced that it has sold two properties in Stockholm and Malmö, Sweden, for a combined EUR 8.8 mln. Both were acquired in
line with recent valuations after Valad identified their development potential.

The City of Stockholm municipality has acquired the 6,570 m2 Gjutmästaren property in Ulvsunda-Mariehäll, the largest industrial area of Stockholm, for EUR 6.7mln. The municipality already owns several pieces of real estate in the area which is encompassed by a development plan called ‘Vision Bällstaviken’ The other disposal involves a 9,700 m2 plot of land in Malmö which was sold to an unnamed buyer for EUR 2.1 mln. Both properties were held in Valad’s Nordic Aktiv fund, having a value added focus.

Valad Property Group manages more than 800 assets in Europe valued at some £4.7 bn (EUR 5.2 bn).