REDEVCO acquires three Karstadt stores (DE)

On December 31 2010, REDEVCO Services Deutschland GmbH acquired three retail properties under long-term lease to Karstadt and Karstadt Sport. REDEVCO bought the buildings, located in Hannover, Munich and Viernheim, from Highstreet. The parties have agreed not to disclose the price.

The property in Hannover is located on Grosse Packhofstrasse and houses a Karstadt Sport store. It offers over 8,600 m² GLA spread over seven storys plus two basements, and sales space of around 7,100 m².

The Karstadt building in Munich is part of the Olympia shopping center on Riesstrasse. Of the total 15,000 m² GLA covering the basement, ground floor and first floor, around 9,600 m² is in use for retail.

The Viernheim addition to the REDEVCO portfolio consists of 18,500 m² in a four-story building on Robert-Schuhmann-Strasse. The Karstadt store in the Rhein Neckar shopping center covers just under 11,800 m² of this.


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