Valad Europe, the diversified real estate investment manager, has sold the 16,550 m² Rathaus Centre in Monheim, Germany to Phoenix Development GmbH in conjunction with ZIAG Immobilien AG.
Comprising approximately 7,800 m² of retail space and 7,800 m² of office space and 950 m² of ancillary storage space, the Rathaus Centre occupies a prime position in the center of Monheim, opposite the central bus station, and approximately 30 km from both Cologne and Dusseldorf. The Center provides 354 car parking places, the city's biggest car park facility, and has potential for further development.
The Center has a mix of national and international brands and chain stores trading alongside local and regional retailers including Deutsche Bank, Kaufpark, Deutsche Post. Rossmann Südwest GmbH and Deichmann SE.
Phoenix Development intends to restructure the retail and office space to create an integrated center.
Andreas Hardt, Valad Europe's Head of Germany, commented: "We are pleased to have completed the trade of the Rathaus Centre. As part of Valad Europe's active asset management approach, we regularly evaluate the performance and potential of all the assets in each of our portfolios. Having carefully considered the options for the Rathaus Centre, we decided that a sale was in the best interests of investors."
Brockhoff & Partner Immobilien GmbH acted for Valad Europe and ZIAG Immobilien AG. International law firm Orrick Hölters & Elsing, advised both Valad Europe and ZIAG during the negotiations.
With a team of 30 in Germany, operating out of offices in Düsseldorf, Hamburg, Frankfurt, Berlin and Munich, Valad Europe manages approximately 1 billion of assets in Germany and 800 tenants, on behalf of four of its 13 funds.
Source: Valad Europe