HSH Nordbank is providing a 72 million financing for the shopping center Schloss-Strassen-Center in Berlin's Steglitz district. The property is held by an in-vestment vehicle of Irish investors CMC Capital, who have been advised by Chalkill Partners LLP, London.
The property in Schlossstrasse, which was opened in 2007, is situated in one of Berlin's most attractive shopping locations and boasts a retail sales area of nearly 17,000 m² on three levels. Irish fashion retailer Primark was gained as a long-term anchor tenant for 8,000 m² of the space.
On top of this, a fitness center occupies around 1,500 m², plus various office and storage areas and a multi-story car park with 365 parking places. Berlin's underground train system can be accessed directly from the shopping center, and the public transport system stops at various other points in the immediate vicinity. The attractiveness of the established shopping center is also reflected in its high occupancy rate of nearly 100% at present.
"Commercial real estate finance forms a key part of our core business activities, both in our northern German core region and in the important metropolitan areas of Germany. Schlossstrasse in Berlin is among the most sought-after shopping streets in Germany's capital thanks to its heavy concentration of retailers and shopping centers, which makes it a top location with excellent prospects," stressed Peter Axmann, Global Head of Real Estate at HSH Nordbank.
Source: HSH Nordbank