Credit: Galeria Kaufhof
Ticker

Commerz Real acquires 20 per cent stake in 10 Kaufhof department stores from Signa

Commerz Real has taken up a stake of 20 per cent in a package of 10 Kaufhof department stores with the intention of developing them and increasing their value in the medium term together with Signa Prime Selection AG.

The remaining 80 per cent will continue to be held by Signa. The portfolio encompasses approx. 65,900 square metres of land and some 371,600 square metres of leasable space, plus nearly 3,000 car parking spaces. All the stores are exclusively located in high street and prime locations in German metropolises and medium-sized cities; they are fully leased to Galeria Kaufhof, with an average residual lease term of more than 16 years. “Similarly to the Millennium Portfolio, we are securing properties in prime locations at an attractive price for Hausinvest which would not normally otherwise be available,” says a visibly pleased Andreas Muschter, Chief Executive Officer of Commerz Real. The so-called “Millennium Portfolio” of the former Generali insurance group comprising 49 office, residential and retail properties in premium locations in German metropolises was recently acquired by Commerz Real for its Hausinvest open-ended real estate fund.

“Similarly to the Millennium Portfolio, we are securing properties in prime locations at an attractive price for Hausinvest which would not normally otherwise be available”, commented Andreas Muschter, Chief Executive Officer of Commerz Real.

The ten Kaufhof stores are located at Alexanderplatz 9 in Berlin, Am Wehrhan 1 and Königsallee 1-9 in Düsseldorf, Hohe Strasse 41 in Cologne, Rotkreuzplatz / Pötschnerstrasse 5 in Munich, Eberhardstrasse 28 in Stuttgart, Remigiusstrasse 20 in Bonn, Ernst-August-Platz 5 in Hanover, Zeil 116 in Frankfurt am Main and Kurpfalzstrasse P1 in Mannheim. Within their partnership Signa and Commerz Real are planning measures for maintaining and raising the value of these properties. Thus, for example, a 130-metre-high tower with 33 storeys is to be erected at Alexanderplatz in Berlin next to the existing Kaufhof store. “With the real estate and retail competence of Signa and the capital strength of both of us we intend to make a significant contribution to the sustainable development of many inner-cities,” explains Henning Koch, Global Head of Transactions at Commerz Real. As the majority shareholder Signa Prime Selection will continue to assume responsibility for the asset management.

Freshfields Bruckhaus Deringer advised Commerz Real on legal aspects of the transaction. Signa was advised by McDermott Will & Emery.

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

Bringing life back to UK town and city centres

Chapman Taylor believes that UK town and city centres must adapt so that they can, once again, become the ideal venue for living, working, shopping and socialising.

Planning Permission granted for the £250m redevelopment of Crompton Place, Bolton

Planning permission has been granted for the £250m replacement of Crompton Place shopping centre with a mixed-use, masterplan-led redevelopment of this strategically important town centre site, which lies at the heart of Bolton Council’s £1.5bn plans for the town centre.

Cushman & Wakefield tops the league table of retail real estate agencies in CEE

Global real estate services firm Cushman & Wakefield has been named the Best CEE/SEE Retail Real Estate Agency at the HOF Awards & Forum.

DIC Asset AG Signs New Long-Term Leases with the Galeria Kaufhof Department Store Chain

DIC Asset AG, one of Germany's leading listed property companies, announced that an agreement with its tenant Galeria Kaufhof GmbH had been reached regarding the prolongation of existing tenancies of its Chemnitz and Leverkusen assets on July 3, 2020.

Propel by MIPIM: Sustainability and quality of life at the heart of property innovation

These companies will be exhibiting at Propel by MIPIM: Métropole du Grand Paris, Paris & Co, E.ON, Saint Gobain, Schneider Electric, ArcelorMittal and numerous startups.

ECE hires Klaus-Peter Hesse

The Management Spokesman of Zentraler Immobilien Ausschuss (ZIA), the central association of the real estate industry, will start working for project developer ECE in Hamburg on September 1, 2020.