The shopping center investor Deutsche EuroShop has acquired the Billstedt-Center in Hamburg from Prime Commercial Properties plc, with effect from January 1, 2011. The investment volume amounts to roughly 160 million, the net initial yield is approximately 6%. With this investment the portfolio of Deutsche EuroShop comprises of 18 shopping centers with a market value of 3.3 billion.
"It is our second shopping center in Hamburg and our 14th in Germany. This underscores our strong position - and we already eye the next center in Germany."
The Billstedt-Center offers a selling space of about 40,000 m² on two levels approx. 110 shops, all let to renowned retailers. A hypermarket (toom), a specialist consumer electronics retailer (Media Markt) and three fashion houses (C&A, TK Maxx and H&M) are the center's anchor tenants. Further, a Karstadt department store is integrated into the center, owned by a third party. The complex also comprises approx. 3,500 m² of residential and office space as well as parking for 1,500 cars.
Originally the Billstedt-Center was built in two separate parts in 1969 and 1977 with a major refurbishment in 1996. It is located in the eastern part of Hamburg about 8 kilometers from the city center. In total, 735,000 people are living in the catchment area of the shopping center, which is managed by ECE Projektmanagement since 1990. Up to 40,000 shoppers visit the Billstedt-Center on average per day.
Source: Deutsche EuroShop