Project developer and investment manager Values Real Estate has acquired a mixed-use, retail-led centre in Berlin in an off-market deal with Cells Group.
The property was acquired in a club deal on behalf of three institutional investors, including one from the church sector. Financial details were not disclosed.
Zehlendorfer Welle, which is located on Clayallee in Berlin, comprises around 25,770 m2 of rental space and 351 parking spaces. It was built in 2009 and underwent a significant restructuring last year which revolutionised its tenant mix.
The asset, which is fully let, boasts grocery retailer Edeka as anchor tenant with its premium concept store, Genusswelten.
Other tenants include Fitness First, the Budnikowsky drugstore chain, a health centre with several doctors, TK Maxx, Deichmann and a private school.
Carsten Fischer, co-founder and CEO of Values Real Estate group said: 'We are very pleased to have successfully acquired such an exciting cash-flow property in Berlin together with our institutional partners.'
Cells disposed of the asset on behalf of an international private equity fund.
The sale was brokered by Jones Lang LaSalle. Values Real Estate was advised by Hogan Lovells LLP and acht+ Baumanagement, Berlin.
