Cordea Savills European Commercial Fund buys shopping center in Nordmeile, Berlin (DE)

Cordea Savills European Commercial Fund has acquired the district shopping center of Nordmeile in Berlin – Reinickendorf, from the Royal Bank of Scotland. The purchase price was ca. €41 million.

The center comprises a total lettable area of 18,700 m² and is let on long leases to a mixture of regional, national and international retailers, such as Edeka, Rossmann, Medimax and Futterhaus. The retail offer is complemented by cafes and restaurants as well as service providers, such as banks, travel agencies, pharmacies and doctors’ surgeries.

“A key driver for the acquisition of Nordmeile was that turnover figures are very good and have steadily increased since opening in 2003. This not only secures a stable income for the Fund, but also creates the opportunity to increase value”, commented Daniel Hohenthanner, Director of Investment at Cordea Savills.

Cordea Savills was advised by Pöllath + Partners, the vendor by Latham & Watkins and CBRE.

Source: Cordea Savills

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