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Barings has sold the “Nauener Karree” retail park in Nauen, Germany, to an Austrian open public fund of LLB Immo KAG. The purchase price is confidential.
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 c. 12,500 sq m asset from 65% on acquisition to 85%.
This is LLB Immo KAG’s second purchase of a specialist retail centre in Greater Berlin within twelve months.
Source : Barings