Deka Immobilien GmbH has signed a contract of sale for the Neumarkt Galerie shopping center in Cologne. The seller is a property company managed by the Irish-German real estate company Signature Capital. The purchase price is in the region of €295 million.
The building in the center of the city is currently undergoing comprehensive refurbishing. This refurbishing work is scheduled to be completed in 2014. After completion, the shopping center will be added to the asset pool of the open-ended Deka-Immobilien Europa real estate fund.
The property has a combined total lease area of some 37,000 m², 86% of which has already been let. Of this, some 18,000 m² is retailing space, some 9,000 m² clinic space and some 5,000 m² office space. The remainder is storage and ancillary areas. The anchor tenants are the Primark retail chain, clinic operator PAN Klinik and Mayersche Booksellers. The aim is to achieve BREEAM In-Use sustainability certification with a "very good" rating for the building. The vendor side was advised by Jones Lang LaSalle, the purchaser side by CB Richard Ellis.
The signing of this contract to acquire the Neumarkt Galerie marks a further stage in the Deka-Immobilien Europa strategy of expanding its share of excellently situated retail assets for its real estate pool.
Source: Deka Immobilien