Stuttgart – International property investment manager Savills Investment Management has sold a superstore in Berlin-Spandau on behalf of the European Retail Fund (ERF). The ERF is an established open-ended Luxembourg special investment fund. Following the sale, it will hold 18 core/core plus retail properties across nine Western European countries worth a total of around EUR 520 million. The Berlin retail property has been acquired by Gutenberg Capital, the Leoff Group’s investment arm. The parties agreed not to disclose details of the purchase price.
A CMS team headed by lead partner Dr Volker Zerr advised Savills IM on all legal aspects of the transaction. The company relies on the expertise of CMS on a regular basis.
The superstore in Berlin’s Spandau district is the former Britannia Center, which was built in 1991. It was acquired for the ERF after a complete refurbishment and expansion in 2013. The more than 9,000 square metres of rental space are fully let on long-term leases.
CMS Germany
Dr Volker Zerr, Lead Partner
Sandra Scheib, Counsel
Dr Kathrin Groß, Counsel
Michelle Bucher, Senior Associate, all Real Estate
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