Hamburg, 22 November 2011 - Prelios announces that Karstadt property owner Highstreet has closed a sales agreement for one department store with Aachener Grundvermögen Kapitalanlagegesellschaft mbH., a German investment company.
The department store is 100% let to Karstadt Warenhaus GmbH, one of the two largest German department store chain.
The property is located in northern Germany, in the city of Bielefeld, and developed on a total surface of 27,000 sqm (GLA).
With this transaction, the sale of single assets from Highstreet portfolio continues: in less than one year approx 30 assets have been sold for a total value of over than 670 million euro.
Prelios, which holds a 12.1% stake in Highstreet, is the real estate co-asset manager for the whole Highstreet portfolio in Germany.
Highstreet is the owner of properties rented to Karstadt, the prestigious chain of German department stores. Highstreet shares are 49% owned by a Consortium made up of RREEF - Gruppo Deutsche Bank (48%), Prelios (24.66%), Generali (22.34%) and the Gruppo Borletti (4%) and 51% of the ownership belongs to Whitehall funds (managed by Goldman Sachs Group).