On March 31, 2011, Orion Income Return Partners, a fund sponsored by Orion Capital Managers, acquired the Allee Center in Hohenschönhausen, Berlin for a sum in the region of 50 million from a closed fund managed by DWS, a subsidiary of Deutsche Bank.
The shopping center is centrally located in Hohenschönhausen, Berlin and strongly frequented by the local community. With over 16,000 m² GLA the center provides the local population with an attractive retail mix and a range of medical services. Amongst the approximately 50 tenants are such well known retailers as Douglas, C&A and Apollo Optik. Other tenants including Kaiser's, Aldi and Rossmann cover the local demand for food and convenience articles.
The center is well located, with high visibility from the main road just in front of the center and well integrated into the local public transport network; in addition it offers 316 free car parking spaces. At present the center is 98% occupied and will be managed by ECE.
Orion Income Return Partners was advised by Dr. Conradi and Dr. Stern of Freshfields. The vendor was advised by Mssrs Stobbe and Reischauer of Clifford Chance. BNP Paribas Real Estate marketed the asset on behalf of the vendor.
Source: Alywin Communications