Commerz Real has taken up a stake of 20% in 10 Kaufhof department stores with the intention of developing them and increasing their value in the medium term. The remaining 80% will continue to be held by Signa. The portfolio encompasses approx. 65,900m² of land and some 371,600m² of leasable space, plus nearly 3,000 car parking spaces. All the stores are exclusively located in prime high-street locations in German metropolises and medium-sized cities. They are fully leased to Galeria Kaufhof, with an average residual lease term of more than 16 years.
“Similarly to the Millennium Portfolio, we are securing properties in prime locations at an attractive price for Hausinvest which would not normally otherwise be available,” said Andreas Muschter, Chief Executive Officer of Commerz Real.
“With the real estate and retail competence of Signa and the capital strength of both of us we intend to make a significant contribution to the sustainable development of many inner-cities,” explained Henning Koch, Global Head of Transactions at Commerz Real. As the majority shareholder, Signa Prime Selection will continue to assume responsibility for the asset management. The purchase price was not disclosed.