Credit: redos Group
Credit: redos Group

REDOS GROUP ACQUIRES MARIENDORFER DAMM SHOPPING CENTER, GERMANY

The redos Group has acquired the “Mariendorfer Damm” commercial center in Berlin’s Tempelhof district. The property was acquired as part of an asset deal for Union Investment’s special Alternative Investment Fund (AIF) called “Redos Einzelhandel Deutschland III”.

The seller is HGHI FMZ 1 GmbH, a subsidiary of Berlin-based project developer HGHI Holding GmbH, which focuses primarily on large commercial properties. The parties have agreed not to disclose the purchase price.

With a mixed use of retail, offices, and gastronomy, the business center has a total of more than 18,600 sq m of leasable space and comprises 22 rental units. The anchor tenant with a long-term lease is the food retailer HIT. On the approximately 24,000 sq m site at Mariendorfer Damm 292 – 298, around 265 parking spaces are available to tenants and customers for free use.

Frank Eckervogt, Managing Director Transactions at redos has explained as such: “Due to its location in the densely populated district of Mariendorf with its above-average purchasing power and due to the attractive tenant structure, the property is an ideal addition to the portfolio of our fund. With a Weighted Average Lease Term (WALT) of approximately 8 years, this centrally located site in the southern part of the German capital once again significantly strengthens the cash flow of the special AIF.”

Legal advice for redos was provided by Noerr LLP. Ernst & Young was commissioned with the technical due diligence as part of the transaction. The engineering firm terraplan acted as an environmental engineering consultant. Ligant Rechtsanwälte and the brokerage house JLL accompanied the transaction on the side of the seller.

The Mariendorfer Damm business center is located directly next to the Mariendorf harness racing track. The property, therefore, is widely connected to both private and public transport. The micro-location has a catchment area of more than half a million inhabitants, who can reach the local shopping center within a driving time of 15 minutes.

Related

Subscribe to ACROSS Magazine

Across print & digital

Enjoy ACROSS – The European Placemaking Magazine on your desktop, tablet, or smartphone.

Latest Print Issue

Top