Curzon Capital Partners III (CCP III), a core plus fund advised by pan-European real estate investment manager Tristan Capital Partners, in joint venture with Cornerstone Real Estate Advisers, has sold a mixed use retail centre located in Halle, Germany to DIC AG for €59.3m.
The Halle-Neustadt Shopping Centre, which offers 30,700m² of retail, restaurant and leisure space is a dominant scheme in the local catchment area with nearly 5 million visitors per year and a high customer loyalty. The centre has a 99% occupancy rate with key tenants Real-, Modehaus Fischer, Aldi, Medimax, Rossmann and Deichmann. Tenant satisfaction has been proven with more than thirteen leases having been renewed in the past three years, the majority being renewed for ten years or more.
Karol Bartos, Executive Director at Tristan Capital Partners, said: “Over the past three years we have worked with our operating partner Cornerstone on improving the positioning and tenant mix of Halle-Neustadt, resulting in this popular shopping centre increasing its dominance in the local catchment area and enhancing its institutional appeal. We are pleased to have completed our business plan and so generate an attractive return for our Fund and its investors.”
Christoph Wittkop, Managing Director at Cornerstone Real Estate Advisers added: “Having recognized the centre’s strong location and catchment potential, we have worked on building on these fundamentals and increasing tenant performance, all of which has been reflected in strong tenant and investor recognition.”
DIC AG was represented by BLP, while CCP III & Cornerstone were advised by Greenberg Traurig and JLL.
