A join venture between Tristan Capital Partners’ core-plus Curzon Capital Partners 4 Fund and operating partner Kintyre has sold the City Carrée Salzgitter shopping centre, located in Germany’s Lower Saxony region, to a subsidiary of Volksbank BraWo for an undisclosed sum.
City Carrée is a 17,345 sqm food-anchored centre constructed in 2008 and is the dominant retail scheme in the centre of Salzgitter. Following the acquisition of the asset in 2017, the Fund has successfully completed the business plan for the shopping centre: optimizing the service charge and re-gearing the two largest tenants, consumer electronics retailer Media Markt and hypermarket Kaufland. The Fund also improved the occupancy and rental income by signing leases with established retailers and securing an opportunity to maximise the rental income from the parking operation.
“As a dominant, convenience-led, well-located shopping centre, City Carée Salzgitter is a defensively positioned retail scheme located in the centre of the community. Our focus over the past three years has been on stabilising the asset through regears, signing new tenants and expanding the offering, all of which has made this a highly successful investment for the Fund,” said Fabian Meinsen, Executive Director at Tristan Capital Partners.
“Having successfully repositioned City Carrée Salzgitter as a core asset, we were pleased to be able to sell the scheme and deliver solid investment returns to CCP 4 and the partners of Kintyre. Thanks to Volksbank BraWo for the professionalism they demonstrated during the sales process,” said Adam Pearce, Managing Partner of Kintyre.
Tristan and Kintyre were advised by Greenberg Traurig, PWC and Brookfield.