KaDeWe, Berlin's iconic luxury department store and the largest in Continental Europe, has been put up for sale for some EUR 500 mln, well-informed market sources confirmed to PropertyEU.
KaDeWe, Berlin's iconic luxury department store and the largest in Continental Europe, has been put up for sale for some EUR 500 mln, well-informed market sources confirmed to PropertyEU.
The scheme is owned by the Highstreet consortium, consisting of Goldman Sachs' Whitehall Funds, Deutsche Bank's RREEF unit, Prelios and Generali Real Estate. Highstreet is also the owner of Germany's largest department store chain Karstadt.
It is understood that the sale is at an initial stage and is not expected to complete this year. Jones Lang LaSalle and BNP Paribas Real Estate have been hired to manage the process.
Richard Speich, a spokesman for Highstreet, declined to comment.
The Berlin store, which opened in 1907, is occupied by the Karstadt retail chain and provides over 60,000 m2 of retail space. According to those who track the market, the sale is likely to benefit from investors' strong appetite for safe-haven German assets amid continued economic uncertainty.
