The 18,600sq m retail centre has been acquired from RDI Reit for €65.5m.
The shopping centre is located in the Steglitz-Zehlendorf borough in Berlin and is currently 97 per cent occupied with a mix of national and international retail brands present including a two-storey Primark as well as multiple grocery offerings including REWE and DM-Drogerie Markt.
Benson Elliot intends to consolidate the grocery and convenience offering, optimise tenant composition, reconfigure space and re-gear lease terms.
Joseph De Leo, Senior Partner at Benson Elliot has commented on the acquisition: “We continue to see long term value in market-dominant, needs-driven retail formats. While the structural trends underpinning the retail sector have no doubt accelerated over the past few months as a result of the enforced lockdown, the benefits of grocery-anchored centres, which remained open because of the community services they provide, were also accentuated.”
This acquisition marks the first investment undertaken by Benson Elliot since the onset of the coronavirus pandemic.
