HSH Nordbank has financed Meyer Bergman's acquisition of the Karstadt department store at Hermannplatz in Berlin-Neuk枚lln.
HSH Nordbank has financed Meyer Bergman's acquisition of the Karstadt department store at Hermannplatz in Berlin-Neuk枚lln.
The asset has been bought by the London-based manager鈥檚 second value-add fund, Meyer Bergman European Retail Partners II (MBERP II).
The 90,000 m2 property is one of the largest city-centre department stores in Germany and is fully occupied by the Karstadt retail chain. The store itself is adjoined by a multi-storey car park with space for 680 vehicles and integrates a block for office and residential use.
The impressive building opened its doors in 1929 and was rebuilt in 1951 following its almost complete destruction during World War II. The fa莽ade was refurbished in 2000.
'Beside our engagement in our home market of Hamburg and Schleswig-Holstein we have a focus on cross border transactions in the real estate business as well and we offer long-standing experience when assisting international investors with their commitments in the German market,' said Peter Axmann, head of Real Estate Clients at HSH Nordbank.
Meyer Bergman is a privately-held real estate investment management firm headquartered in London and active across Europe.
MBERP II, which is well underway to achieving its 鈧�500 mln target size, has had strong backing from its existing investors, including European and Canadian pension funds and endowments.
