Becken has deepened its commitment to Berlin’s real estate market by acquiring RingCenter III shopping centre. The property is fully let to the Galeria Karstadt Kaufhof department store chain. Located at Frankfurter Allee 113-117, the four-story property provides around 13,500m² of floor area. It was sold by an investment fund of Credit Suisse Asset Management.
Jens Hogekamp, Managing Director of Becken Development, said: “Even in market cycles like the present one, we remain on the look-out for auspicious properties with development potential in attractive locations and at market-consistent prices.”
Roland Koppe, authorized signatory and Head of Acquisition at Becken in Berlin, added: “The RingCenter III shopping centre, with its highly convenient public transport links and its urban location on the district boundary between Friedrichshain and Lichtenberg, implies optimal geographic parameters. With this acquisition, Becken has expanded its involvment in Berlin’s real estate market, now owning three sites.”