Madison International Realty, a leading real estate private equity firm, announced that it has acquired a 214,000m² shopping center portfolio consisting of four properties in key markets within Germany, in joint venture with Hamburg-based asset manager Redos Real Estate. Terms of the transaction were not disclosed.
The Christie Portfolio consists of four retail centers that blend retail warehouse park and shopping center features. The assets are the dominant retail destinations within their respective areas they serve throughout greater Berlin and Dresden.
Plans call for investment in refurbishments and logistical improvements, with focus on the properties in Eiche, where construction is nearing completion, and Dallgow, near Berlin, as well as the center in Dresden.
The portfolio is currently 90% leased, with the majority of tenants on long-term leases. Occupying approximately 56,000m², Kaufland serves as anchor tenant at all four of the properties. Additional anchor tenants include C&A, H&M, Decathlon, TK Maxx, Mueller Drogerie, and Media Markt.
The principal legal advisors on the transaction were Freshfields Bruckhaus Deringer for Madison and Latham & Watkins for the seller.
