PAMERA Cornerstone Real Estate Advisers has received asset management instructions for the Neukölln Arcaden in Berlin. The property has been acquired by Curzon Capital Partners III L.P. (CCP III), a “core-plus” fund advised by Tristan Capital Partners.
The vendor is an open-end real estate fund, which is in liquidation. The purchase price is €65.6 million. The management of PAMERA Cornerstone is also involved as a co-investor. Mfi Management für Immobilien will continue with its responsibility for center management.
The Neukölln Arcaden, in the centre of the Neukölln district of Berlin, is a shopping center opened in 2000, with a total floor area of 37,900 m². The 46 retail units in the center account for approx. 27,000 m² of this. The tenants of the Neukölln Arcaden include Media Markt, New Yorker, Rossmann und Kaufland.
The building is situated at Karl-Marx-Strasse 66, next to the Rathaus Neukölln underground station. As well as retailers, it houses a multiplex cinema, the Neukölln town library and a post office. There are 675 customer parking spaces on the first floor.
Nick Puschkasch, head of the PAMERA Cornerstone Berlin office, comments: “The Neukölln Arcaden will be an excellent fit in the portfolio of retail property that we manage. Situated in an up-and-coming district of Berlin with a direct connection to the forthcoming Berlin Brandenburg airport, it will benefit from the positive development of the location. We have confidence in the quality of our asset management, which we have already proved with the revitalization of the Neustadt Centrum shopping center in Halle (Saale) and Dieterich Karree in Dusseldorf. Our co-investment further emphasises this.”
PAMERA Cornerstone currently manages real estate with a total value of around €1 bln, including 13 retail properties with a total lettable area of around 278,000 m².
The consultants for the acquisition of the Neukölln Arcaden were Jones Lang LaSalle, Olswang, gfp Real Estate Advisors and PricewaterhouseCoopers.
Source: PAMERA Cornerstone