Deutsche Euroshop Newsroom

Corporate News

16.11.2012

Deutsche EuroShop acquires Herold-Center Norderstedt

  • €187 million investment
  • Twentieth shopping center in the portfolio
  • ECE as center management partner

Shopping center investor Deutsche EuroShop will take over the Herold-Center in Norderstedt, located on the northern outskirts of Hamburg, from West Register PRIME Norderstedt GmbH at the beginning of 2013. The investment volume is around €187 million, the initial rate of return about 6.1%. The acquisition will increase Deutsche EuroShop’s portfolio to 20 shopping centers, with a market value of €3.8 billion.

 

"The Herold-Center is a mature, well-established shopping center which is well suited to our portfolio," comments Claus-Matthias Böge, Executive Board Spokesman of Deutsche EuroShop. "It is our third shopping center in the greater Hamburg area and our 16th in Germany."

 

Built on two levels, with a retail space of around 26,000 m2, the Herold-Center houses some 130 specialist shops, all of which are let to well-known retailers. The Center's key tenants are three clothing stores (P&C, C&A and H&M) and a supermarket (REWE). A Karstadt department store, which is third-party owned, is also connected to the Center. In addition, the Center boasts around 14,000 m2 of residential space (256 apartments) and 5,000 m2 of office space. The Herold-Center has a total leasable space of 55,500 m2. Parking facilities for visitors offer space for 850 cars and 300 bikes.

 

The Herold-Center was opened in 1971 and underwent extensive restructuring and expansion in 1995. This construction work added an office building and medical practice to the old building which had previously consisted of a two-storey shopping mall and four high-rise residential buildings. The new addition on the side facing the central bus station in 2003 gave the Herold-Center its current appearance. The additional retail space that this created further strengthened the Herold-Center's positioning as an interregional retail location. The shopping center is managed by ECE Projektmanagement since 1981, and some 481,000 people live in its catchment area. On peak days the Herold-Center is visited by up to 40,000 customers.

 

The seller was advised by CBRE and Clifford Chance Partnergesellschaft.

 

Deutsche EuroShop – The shopping center company

Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. The MDAX-listed company currently has investments in 20 shopping centers in Germany, Austria, Poland and Hungary.

 

Facts & Figures about the Herold-Center

Location


Norderstedt near Hamburg

DES shareholding


100%

Retail floor space in m²


approx. 26,000

Parking spaces


approx. 850

Number of shops


approx. 140

Occupancy rate of retail space


100%

Catchment area


0.5 million residents

Opened/restructured


1971, 1995, 2003

Website


www.herold-center.de

 

Note to editorial staff

You can request digital images by sending an e-mail to ir@deutsche-euroshop.de or downloaded at www.flickr.com/photos/desag

 

A presentation about the Herold-Center is available at www.slideshare.net/desag

back to list

Image Archive

Video Archive


                       subscribe to RSS-Feed

Multimedia

show all

our Videos on


videothumbnail
Deutsche EuroShop H1 2017 Interim Report Conference Call Slide Presentation
0:36:01
videothumbnail
Deutsche EuroShop EPK (Electronic Press Kit)
0:08:46

 

Google+ Add this