Tuesday, 16 December 2014
Lilien Carré shopping center in Wiesbaden is sold (DE)
The insolvency administrator of the owner of the “Lilien Carré” shopping center in Wiesbaden, Germany, Mr. Hans-Wilhelm Goetsch, has sold the entire property, consisting of a shopping center, an office building and a hotel complex.
The purchasers are Orion IV European 22 S.à.r.l. and Orion IV European 23 S.à.r.l. advised by Orion Capital Managers within the Orion European Real Estate Fund IV. The parties have agreed to keep the sales price confidential. Savills, one of the leading international property advisors, acted on behalf of the vendor in the structured sales process.
“During the time within the insolvency proceedings Acrest Property Group was retained for the asset management of the property and, in close consultation with the main creditor and the insolvency administration, created a sustainable revitalization and re-positioning concept for the center. As the realization of this concept is now imminent, this was the right time to entrust a future-oriented purchaser with the further development. Therefore, an efficient sales process was successfully completed over the last few months.” says Mr. Hans-Wilhelm Goetsch the insolvency administrator.
Orion Capital Managers has significant shopping center investment and development experience across Europe. Orion sponsored funds have current ownership interest in 13 shopping centers totaling approximately 1.0 million m² of retail space. Van Stults, Managing Director and a Founding Partner of Orion, says: “Our business plan is to capitalize on the Acrest work and new tenants by bringing the investment and resources to improve the customer experience and future performance.”
Lilien Carré was opened in 2007 and is a unique landmark building in the Wiesbaden cityscape given its elegant and distinctive architecture. The building complex comprises a total lettable area of over 36,000 m², including the centerpiece two-storey shopping center with approximately 25,000 m² retail area, 1,200 parking spaces and over 50 tenants. Also within the property are the 186 room Motel One hotel (approx. 5,700 m²) and an office building (approx. 3,000 m²).