CBRE Global Investors announces the acquisition of the Karstadt department store and the Karstadt sports store in Düsseldorf, Germany. The assets were acquired on behalf of a German separate account client.
The department store is situated in a central city location, with 33,600m² of retail space over five floors, including one basement. The building was originally constructed in 1954 and refurbished in 2012.
The Karstadt sports store is situated on a neighbouring street to the department store and was built in 1993. It has approximately 4,000m² of space, across five floors. Both properties are fully occupied and are linked via a walkway in the basement.
Düsseldorf is one of the largest retail markets in Germany with a consumer base expected to grow by approximately 5 per cent by 2025. Karstadt and the stores are also expected to benefit from the planned expansion of the pedestrian zone in the city.
Harald Floer, Fund Manager, CBRE Global Investors said: “Both the Karstadt department store and its sports store are in prime locations in one of the most affluent markets in Germany. With the department store being recently renovated and both stores in a highly accessible location, we have acquired two assets that we believe will meet our clients’ objectives and will perform strongly."
The seller was advised by Colliers International and PricewaterhouseCoopers Legal AG.
