Redevco has bought a Berlin department store from Meyer Bergman’s second retail property fund.
The retail real estate investment manager bought the Karstadt department store in Charlottenburg’s Wilmersdorfer Strasse for clients.
Meyer Bergman said the asset was held in its European Retail Partners II fund, which recently sold another Karstadt on Berlin’s Hermannplatz.
Andrew Vaughan, chief executive at Redevco, said Berlin was among the most popular retail property investment destinations in Europe.
“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,” he said.
Vaughan said Redevco would be looking to invest in similar locations that unite the two main drivers of modern retail.
The 23,900sqm asset was last refurbished in 2003.
A joint venture vehicle – established last year by Hermes Investment Management and Redevco – recently made its first investment.
The partnership bought L’Espace du Palais in the French city Rouen from KKR.
The 10,000sqm asset will be redeveloped, with completion due in 2019.