Barings has sold the "Nauener Karree" retail park in Nauen, Germany, to an Austrian open public fund of LLB Immo KAG. The purchase price was not disclosed. The property was acquired on behalf of private investors in 2014 from a foreclosure auction and has been actively managed by Barings, who was appointed as an asset manager.
Following the acquisition, Barings developed a comprehensive asset management strategy to reposition the property and attract new, high-quality occupiers, which was completed in 2018. This involved an amendment of the building planning law and engaging with the park’s existing occupiers to ensure their needs were met.
Two new lettings were secured with REWE Group, one of the leading trade and tourism groups in Germany and Europe, and dm drogerie markt, the cosmetics, healthcare, household goods and health food retailer, totalling 3,300m², which increased the occupancy of the c. 12,500m² asset from 65% on acquisition to 85%.
The property is located in Dammstrasse / Oranienburger Strasse in 14461 Nauen. Occupiers include Netto, the food retailer, and Kik, the textile discount store, as well as a fitness and care offering and residential apartments across 4,000m². The park, which was built in 1994, has approximately 250 car parking spaces. This is LLB Immo KAG’s second purchase of a specialist retail centre in Greater Berlin within twelve months.