- CBRE GI acquires shopping centre in Germany
Date: 01 Aug 2016
CBRE Global Investors has completed the acquisition of Rahlstedt Center in Hamburg, Germany on behalf of a pan-European retail strategy. The seller is MEAG.
The asset is a ca. 28,196 sqm urban shopping centre with 85% of the income being generated by 45 retail units. The asset additionally includes a further 12 office units, 56 residential apartments and 554 parking spaces. The Centre is anchored by tenants such as Edeka, Aldi, Medimax and Douglas and the fashion offering includes H&M and Deichmann.
The Centre, built in 1983 and extensively refurbished in 2012, is located in the high street of Rahlstedt which is an affluent suburb of Hamburg and a well-established retail location. It is only 15km north east of Hamburg City Centre and has a catchment of more than 185,000 people within a 10 minute drive.
Florencio Beccar, Head of Retail EMEA, CBRE Global Investors, commented: "Rahlstedt is the dominant shopping centre within its micro market, offering a good mix of convenience and mass market fashion retailers. The property is located in one of Europe's strongest markets where the supply of investment opportunities are limited.
The asset has a strong operational track record and good fundamentals from where to build the investment case. We believe, with our experienced retail asset managers we will be able to add further value to this asset by letting the current vacant units and renewing leases.
This asset management strategy will provide us with an attractive return and will complement our portfolio very well."
CBRE Global Investors was advised by BLP and CBRE.
CBRE Global Investors is the leading investment manager of retail in EMEA with €14.5 billion of non-listed retail assets under management, 633 retail assets (of which 74 are shopping centres) across 16 countries and over 6,800 retail tenants.
In Germany, CBRE Global Investors has approximately €1.4 billion of assets under management of which ca. 60% is retail.