ING Real Estate Development has announced the sale of the shopping center Canstatter Carré in Stuttgart, Germany to the property fund Encore+ managed by LaSalle Investment Management and Morley Fund Management for approximately €100 million.
The shopping center comprises 37,000 m² of lettable area (of which 15,000 m² office space) and 730 parking spaces. The anchor tenants are Kaufland (food), Lidl (food), Müller (drugstore), Strauss Innovation (fashion), Deichmann (fashion), New Yorker (fashion), C&A (fashion) and H&M (fashion).
The property fund Encore+ managed by two leading European property fund managers, LaSalle Investment Management and Morley Fund Management, is a monthly priced and traded, open ended fund. Encore+ invests across the European Economic Area (EEA), excluding the UK, and aims to assemble a balanced portfolio of commercial property with a "core plus" orientation.
Source: ING Real Estate