Barings has sold the Nauener Karree retail park in Nauen, Germany, to an Austrian open public fund of LLB Immo KAG.
The purchase price has not been disclosed.
The property was acquired on behalf of private investors in 2014 from a foreclosure auction and has been actively managed by Barings, who was appointed as asset manager.
Following the acquisition, Barings developed a comprehensive asset management strategy to reposition the property and attract new, high quality occupiers, which was completed in 2018. This involved an amendment of the building planning law and engaging with the park’s existing occupiers to ensure their needs were met.
Two new lettings were secured with REWE Group, one of the leading trade and tourism groups in Germany and Europe, and dm drogerie markt, the cosmetics, healthcare, household goods and health food retailer, totalling 3,300 sq m, which increased the occupancy of the circa 12,500 sq m asset from 65% on acquisition to 85%.
The property is located in Dammstrasse / Oranienburger Strasse in 14461 Nauen. Occupiers include Netto, the food retailer, and Kik, the textile discount store, as well as a fitness and care offering and residential apartments across 4,000 sq m. The park, which was built in 1994, has approximately 250 car parking spaces.
This is LLB Immo KAG’s second purchase of a specialist retail centre in Greater Berlin within twelve months. JLL advised on both transactions.
KFR Rechtsanwälte acted as legal adviser to the seller, whilst CMS advised the buyer.
Redevco, one of the largest privately-owned real estate investment managers in Europe, has appointed Andrew Foulds as Managing Director UK effective 1 February 2020. In his new role Andrew will continue to report to Adam Starr who will focus his full attention on and drive Redevco’s growth strategy across Europe as Head of Transactions.
Andrew Vaughan, Redevco CEO, said: “We are pleased to announce Andrew’s new appointment which will ensure the continued success of our UK team. This will also allow Adam to dedicate his time exclusively to transactions, which is in line with our goal to grow and diversify our assets under management across Europe.”
Andrew joined Redevco in October 2011 as Portfolio Director and since then has developed a strong track record in the area of value creation as Leasing, Asset and Development Manager with responsibility for the mixed (mainly retail) Redevco portfolio within the UK.
Adam has held various commercial and management roles since joining the company in 2002 including the position of Managing Director Switzerland and Central Europe and Managing Director UK.