TOTAL VALUE OF AROUND 250 MILLION EURO,WITH A POSITIVE MARGIN OF APPROX 3% ON THE BOOK VALUE
THE TRANSACTION HAS BEEN FULLY MANAGED BY PRELIOS
Prelios announces that Karstadt property owner Highstreet has soldthree department stores to Quantum Immobilien AG, a real estate investment company basedin Hamburg.
The three assets have been sold for a total value of around 250 million Euro, generating apositive margin of approx 3% on Prelios Book Value.
Prelios, which holds a 12.1% stake in Highstreet and is the real estate co-asset manager forthe whole Highstreet portfolio in Germany, has fully managed the transaction with Quantum.Besides the flagship department store in Hamburg’s Mönckebergstraße, properties located onSalzstraße in Münster and a further location were notarised. The three assets total around142,000 sqm of gross floor area, together with 900 parking places. The department storesare 100% let to Karstadt Warenhaus GmbH, the largest German department store chain.Quantum has acquired the above mentioned assets for its freshly launched “Prime RetailDeutschland”, a fully placed specialised investment fund with equity of more than 150 millionEuro.
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Highstreet is the owner of the Karstadt department store chain as for a 49% shareholdingowned by a Consortium formed by RREEF (48%), Prelios (24,66%), Generali (22,34%) and theBorletti Group (4%) and as for a 51% owned by the Whitehall funds (entities pertaining to theGoldman Sachs Group).
Based in Hamburg, Quantum Immobilien AG is an independent real estate group active in theareas of project development, institutional investment products and management of real estateinvestments. Within the investment fund business, Quantum manages a number of specialisedreal estate funds, varying from the investment of own assets to alternative investment products.
THE TRANSACTION HAS BEEN FULLY MANAGED BY PRELIOS
Prelios announces that Karstadt property owner Highstreet has soldthree department stores to Quantum Immobilien AG, a real estate investment company basedin Hamburg.
The three assets have been sold for a total value of around 250 million Euro, generating apositive margin of approx 3% on Prelios Book Value.
Prelios, which holds a 12.1% stake in Highstreet and is the real estate co-asset manager forthe whole Highstreet portfolio in Germany, has fully managed the transaction with Quantum.Besides the flagship department store in Hamburg’s Mönckebergstraße, properties located onSalzstraße in Münster and a further location were notarised. The three assets total around142,000 sqm of gross floor area, together with 900 parking places. The department storesare 100% let to Karstadt Warenhaus GmbH, the largest German department store chain.Quantum has acquired the above mentioned assets for its freshly launched “Prime RetailDeutschland”, a fully placed specialised investment fund with equity of more than 150 millionEuro.
***
Highstreet is the owner of the Karstadt department store chain as for a 49% shareholdingowned by a Consortium formed by RREEF (48%), Prelios (24,66%), Generali (22,34%) and theBorletti Group (4%) and as for a 51% owned by the Whitehall funds (entities pertaining to theGoldman Sachs Group).
Based in Hamburg, Quantum Immobilien AG is an independent real estate group active in theareas of project development, institutional investment products and management of real estateinvestments. Within the investment fund business, Quantum manages a number of specialisedreal estate funds, varying from the investment of own assets to alternative investment products.