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TIAA Henderson Real Estate acquires neighbourhood shopping centre in Berlin-Köpenick, Germany

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TIAA Henderson Real Estate (TH Real Estate) has acquired the neighbourhood shopping centre, “Allende Center”, in Berlin, Germany.

The asset has been acquired on behalf of TH Real Estate’s German Retail Income Fund (GRIF), from Concarus Real Estate Invest GmbH. Developed in 1998, and partly refurbished in 2014, the centre is centrally-located in the Allende sub-district in Köpenick. The purchase price has not been disclosed.

The centre, which has a lettable area of c.8,360 sq m, is anchored by food retailer, REWE. Other tenants include a Rossmann drugstore and an Ernsting's Family apparel store.

Cushman & Wakefield will act as property manager.

The acquisition represents the twelfth purchase for GRIF. Launched in 2011, the Fund targets core retail assets and local convenience centres across Germany. It is managed via the platform of the IntReal third-party AIFM (“Service-KAG”).

Thilo Wagner, Director of Investment, Germany, at TH Real Estate and Fund Manager of the German Retail Income Fund, said: “Allende Center’s close proximity to the town centre of Köpenick, complemented by the excellent transport network, makes this asset a great addition to the fund portfolio.”

 

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