The DB Real Estate Investment GmbH has sold two shopping centers in Hamburg and Cologne for its open-ended real estate fund grundbesitz-invest: The Billstedt Center in Hamburg, featuring approx. 65,000 mÂ² of rental space, was part of the grundbesitz-invest portfolio since 1976. The second center, located in the Chorweiler district of Cologne, has a rental space of approx. 22,500 mÂ² and was acquired by the fund management in the year 2000.
Prime Commercial Properties (pcp) is the buyer of both shopping centers - an experienced British shopping center investor and operator, who control 900 million Euros of shopping centers and are expanding their operation into Germany.
'The current fund strategy of grundbesitz-invest provides for the sale of properties in Germany and increased acquisitions within the European Union to diversify the portfolio more broadly', explained Kurt MÃ¼ller, managing director of the DB Real Estate. 'Foreign investors have discovered Germany as an investment market. We have successfully realized this opportunity for the fund in terms of the implementation of our strategy.'
The open-ended real estate fund grundbesitz-invest had a total value of approximately 7,8 billion Euro and 133 properties in the portfolio as of the 30st of September 2004.
Source: DB Real Estate