Redevco, acting on behalf of one of its investor clients, has acquired a prime retail asset in Berlin from a private investor. The property is located at the corner of Tauentzienstraße and Marburger Straße in close proximity to internationally renowned luxury department store “KaDeWe". The purchase price of the asset has not been disclosed.
The building has a listed façade and consists of six floors including a basement with a complete floor area of over 4,000 m². The main tenant, perfumery chain Douglas, occupies an impressive corner unit on the ground and first floors, featuring approx. 18-metre shop fronts to each side stretching over both floors.
Andrew Vaughan, CEO of Redevco, said: “Berlin ranges amongst the most sought-after locations for investments in the retail real estate in Europe, and within Berlin, Tauentzienstraße is undisputedly the retail hot spot. The Redevco investment strategy aims exactly at future-proof properties and locations like this.”
Redevco was advised by McDermott Will & Emery. The transaction was brokered by UBS Real Estate Advisory.
