CBRE Investors, the global real estate investment management firm, have announced that its CB Richard Ellis Investors Pan European Core Fund (PEC Fund) has acquired a retail investment in the center of Berlin. This is the PEC Fund's first acquisition in Germany and their fourth acquisition in Europe.
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The retail center was developed in 2008.
The retail center was developed in 2008 and is located in the Mitte district of Berlin. The 12,000-m² building is predominantly let to German national retailers including Kaufland, Norma, Kik and Rossman and occupies a prominent site adjacent to the Gesundbrunnen Center, one of Berlin's largest shopping centers and the Gesundbrunnen regional railway station.
The anchor tenant, Kaufland, accounts for 65% of the total rent and occupies under a lease until 2028.
The acquisition follows purchases in London and Paris and is in line with the PEC Fund's long-term investment strategy. This fund targets core investments across Europe with a strong emphasis on long-term secure income in the retail and industrial sectors while also targeting shorter term tactical acquisitions within the office sector.
Richard Everett, Managing Principal of the fund, commented: "The grocery retail sector in Germany was identified as a key investment area by our Fairval analysis and we are very pleased to have been able to purchase this quality retail center.
"The acquisition complements the existing assets in our portfolio and is in line with strategic aim of the PEC Fund which is to invest modern flexible real estate that is capable of delivering a long term secure cash flow without the need to commit significant capital expenditure."
CBRE Investors was advised by the Berlin office of Jones Lang LaSalle (formerly King Sturge).
Source: Citigate Dewe Rogerson
The anchor tenant, Kaufland, accounts for 65% of the total rent and occupies under a lease until 2028.
The acquisition follows purchases in London and Paris and is in line with the PEC Fund's long-term investment strategy. This fund targets core investments across Europe with a strong emphasis on long-term secure income in the retail and industrial sectors while also targeting shorter term tactical acquisitions within the office sector.
Richard Everett, Managing Principal of the fund, commented: "The grocery retail sector in Germany was identified as a key investment area by our Fairval analysis and we are very pleased to have been able to purchase this quality retail center.
"The acquisition complements the existing assets in our portfolio and is in line with strategic aim of the PEC Fund which is to invest modern flexible real estate that is capable of delivering a long term secure cash flow without the need to commit significant capital expenditure."
CBRE Investors was advised by the Berlin office of Jones Lang LaSalle (formerly King Sturge).
Source: Citigate Dewe Rogerson
