Europa Capital has agreed the sale of the Forum Steglitz shopping centre to the institutional fund BGV V, a regulated real estate special fund under German investment law managed by Munich-based Real I.S. Investment GmbH. The parties agreed to keep the purchase price confidential.
The 32,000 sq.m centre, the first to be built in the German capital in the early 1970s, is 99% let to tenants including Hennes & Mauritz, Lidl, Rossmann, Innova, Intersport, Tom Tailor and Spiele Max. Europa Capital purchased the property in July 2009, from UK REIT Hammerson, following their withdrawal from Germany.
Europa engaged Real-ity GmbH as leasing and asset manager and their principals took an equity interest alongside Europa. During their four year ownership, Europa and Real-ity executed some 40 leasing transactions, a combination of renewals and new lettings, to create an optimal tenant mix with a greater fashion weighting, while non-recoverable expenses were reduced dramatically.
Tom Vail, senior asset manager in Europa’s Middle Europe region, commented “This sale represents the successful culmination of four years’ intensive asset management in a challenging environment. Occupation has been increased after an extensive modernisation of the centre from just over 80% to 99%. Its position in the Schlossstrasse retail hierarchy has, despite new and exciting competition nearby, been asserted.
Joachim M. Fritz, executive director and Global Head of Structured Investments at Real I.S. AG, the asset management provider to the purchaser, commented “Forum Steglitz shopping centre fits perfectly into the fund strategy of the purchaser, which is a regulated institutional real estate fund under management by Real I.S. Schlosstrasse is one of the best functioning retail precincts in the capital city of Berlin and the shopping centre offers a sustainable and top quality retailer mix which provides for an attractive and secure long-term cash flow to our investors and an auspicious outlook for this major retail investment.”
For further information, please contact:
Gordon Simpson/Claire Scicluna, Finsbury PR: + 44 20 7251 3801Nic Fox, Partner and Head of Middle Europe, Europa Capital Partners +44 20 7881 6800
Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 75 transactions totalling some €7.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
About the Real I.S. Group:
The Real I.S. Group is an interconnected firm and a member of the German Savings Bank Finance. The company serves as BayernLB’s asset management and investment fund service provider for real estate. In addition to institutional funds, e.g. under German investment law, and real estate funds in the form of public funds, spheres of activity include bespoke fund solutions, portfolio management, asset management and the management of institutional international real estate portfolios. Over 100 fund products with a total investment volume of more than € 8.5 billion have been offered in the private client and institutional investor business segment since 1991. The company uses a holistic quality management system in compliance with DIN EN ISO 9001:2008 as certified by the TÜV SÜD technical supervisory agency. For more details, please visit www.realisag.de
