Deutsche AM has announced the acquisition of a 90% share of Neukölln Arcaden, a dominant shopping centre in Berlin’s popular Neukölln district, and a 100% share in a mixed-use property in the eleventh district of Paris. Both investments were made on behalf of a €300m European retail property mandate awarded to Deutsche AM by an institutional insurance company.
Neukölln Arcaden is a neighbourhood shopping centre playing a central role within its catchment area. Comprising over 37,000m² of lettable space, the property hosts a number of fashion retailers as well as public amenities including a cinema, a municipal library, Deutsche Post, and over 600 car parking spaces. The tenant mix is highly diversified with strong retail anchors including Kaufland, Media Markt, New Yorker, Jack & Jones, and Rossmann.
Sitting directly above the Ledru-Rollin metro station in the heart of Paris’s gentrifying eleventh district, 89-91 avenue Ledru Rollin is an attractive retail-anchored property built at the end of the nineteenth century. The building is fully let to a Monoprix supermarket and several office tenants.
Georg Allendorf, Head of Real Estate, Europe at Deutsche AM, said: “These acquisitions represent quality retail investments in the capital cities of Berlin and Paris. We will continue to seek core retail properties across Europe as we expand the portfolio on behalf of our valued investor.”
