FRANKFURT, 01. August, 2016 – CBRE Global Investors has completed the acquisition of Rahlstedt Center in Hamburg, Germany on behalf of a pan-European retail strategy. The seller is MEAG.
The asset is a ca. 28,196 sqm urban shopping centre with 85% of the income being generated by 45 retail units. The asset additionally includes a further 12 office units, 56 residential apartments and 554 parking spaces. The Centre is anchored by tenants such as Edeka, Aldi, Medimax and Douglas and the fashion offering includes H&M and Deichmann.
The Centre, built in 1983 and extensively refurbished in 2012, is located in the high street of Rahlstedt which is an affluent suburb of Hamburg and a well-established retail location. It is only 15km north east of Hamburg City Centre and has a catchment of more than 185,000 people within a 10 minute drive.
Florencio Beccar, Head of Retail EMEA, CBRE Global Investors, commented: “Rahlstedt is the dominant shopping centre within its micro market, offering a good mix of convenience and mass market fashion retailers. The property is located in one of Europe’s strongest markets where the supply of investment opportunities is limited.
The asset has a strong operational track record and good fundamentals from where to build the investment case. We believe, with our experienced retail asset managers we will be able to add further value to this asset by letting the current vacant units and renewing leases.
This asset management strategy will provide us with an attractive return and will complement our portfolio very well.”
CBRE Global Investors was advised by BLP and CBRE.
CBRE Global Investors is the leading investment manager of retail in EMEA with €14.5 billion of non-listed retail assets under management, 633 retail assets (of which 74 are shopping centres) across 16 countries and over 6,800 retail tenants.
In Germany, CBRE Global Investors has approximately €1.4 billion of assets under management of which ca. 60% is retail.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.6 billion in assets under management* as of June 30, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
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