A fund advised by real estate investment manager Meyer Bergman has completed on the sale of the Karstadt department store on one of the prime shopping streets of Berlin’s affluent Charlottenburg neighbourhood.
The 23,900 sq.m. building is located on Wilmerdorferstrasse in the City-West district. Department store chain Karstadt is the sole occupier of the property, which was built in 1906 and refurbished in 2003, under a long lease.
Meyer Bergman European Retail Partners II, which had its final close after raising a total of €750 million of equity in the third quarter of 2014, also sold another property occupied by Karstadt, on Berlin’s Hermannplatz, in September 2016. Charlottenburg, in Berlin’s City-West district, is an affluent catchment area and the property is close to overland rail and subway stations, giving it excellent links to the rest of the city.
The fund’s remaining assets include shopping centres in Northern England and the Czech Republic; high street properties in prime shopping destinations in London, Milan and Oslo; and two substantial redevelopment projects in London’s Bayswater and Borough neighbourhoods, both of which obtained planning consent earlier this year.
Advising on the sale of Karstadt Charlottenburg were Simmons & Simmons and PWC.