The Highstreet investor consortium has completed the sale of three Karstadt department stores to German privately held property group ECE Projektmanagement for over EUR 50 mln.
The Highstreet investor consortium has completed the sale of three Karstadt department stores to German privately held property group ECE Projektmanagement for over EUR 50 mln.
The schemes - 100% let to German department store chain Karstadt - are located in the German cities of Nuremberg, Mainz and Leonberg and offer a total of 40,600 m2.
The transaction was brokered by Prelios, the Italian listed property services firm, which owns a 12% stake in Highstreet. Perlios also manages the portfolio of behalf of the other investors, Goldman Sachs' Whitehall Funds (51%), Deutsche Bank's RREEF funds (24%), Generali (11%) and the Borletti Group.
The deal will have a positive impact on Prelios Management's revenues and brings the total amount of sales carried out by Highstreet this year in Germany to 26 asets for a total of EUR 605 mln.
Goldman Sachs led the acquisition in 2006 of the KarstadtQuelle portfolio of 97 properties for EUR 3.7 bn.
