Commerz Real has acquired a 20 percent stake in a portfolio of 10 Kaufhof department stores from Austria-based Signa Prime Selection AG.
Signa will retain the remaining 80 percent of interest in stores. The package comprises approximately 65,900 square meters of land and approximately 371,600 square meters of rental space, plus almost 3,000 parking spaces.
All properties are located exclusively in high street or prime locations of German cities and middle-class towns and are fully leased to Galeria Kaufhof, with an average remaining term of the leases of over 16 years.
“Similar to the Millennium portfolio, we are thus ensuring that Hausinvest has a package of normally unrecoverable prime locations at an attractive price,” said Andreas Muschter, Chairman of the Board of Commerz Real.
Commerz Real recently acquired the so-called “Millennium Portfolio” of the former Generali Lebensversicherung from 49 office, residential and retail properties in premium locations in major German cities for its open-ended real estate fund Hausinvest.
“Signa’s real estate and retail expertise combined with Commerz Real’s combined capital strength is intended to make a significant contribution to the sustainable development of many inner cities,” stated Henning Koch, Global Head of Transactions at Commerz Real.