German department store chain Hertie, advised by Atisreal, has sold three department stores in Germany for an undisclosed amount. The properties are located in Wesseling between Cologne and Bonn, in Munich Giesing and in Munich Laim. The department store in Wesseling has 8,500 m[sup]2[/sup] of lettable area and 183 parking spaces. It was sold to US project developer and investor Phoenix, which has an office in Bonn. The two Munich assets were acquired by a joint venture of Bucher Properties GmbH from Munich and Development Partner AG from Duesseldorf. The department stores have a total lettable area of 9,000 m[sup]2[/sup].
German department store chain Hertie, advised by Atisreal, has sold three department stores in Germany for an undisclosed amount. The properties are located in Wesseling between Cologne and Bonn, in Munich Giesing and in Munich Laim. The department store in Wesseling has 8,500 m2 of lettable area and 183 parking spaces. It was sold to US project developer and investor Phoenix, which has an office in Bonn. The two Munich assets were acquired by a joint venture of Bucher Properties GmbH from Munich and Development Partner AG from Duesseldorf. The department stores have a total lettable area of 9,000 m2.
Atisreal, which has been hired by Hertie to sell a total of 64 properties, initially hoped to progress faster with the number of sales, but the difficult financing environment has prolonged the time needed to complete transactions, according to Christoph Meyer, member of the management board of Atisreal and head of Retail Investment. The company has sold six Hertie properties so far this year. The properties are mostly located in North Rhine-Westphalia and in northern Germany. In November 2008 the broker sold a Hertie department store in Wolfenbüttel.
