Deutsche EuroShop AG / Key word(s): Real Estate/Mergers & Acquisitions
Deutsche EuroShop acquires Herold-Center Norderstedt
Hamburg, 16 November 2012 - 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 EUR187 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 EUR3.8 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
Facts & Figures about the Herold-Center
A presentation about the Herold-Center is available at www.slideshare.net/desag
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|Company:||Deutsche EuroShop AG|
|Wandsbeker Str. 3-7|
|Phone:||+49 (0)40 413 579-0|
|Fax:||+49 (0)40 413 579-29|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart|
|End of News||DGAP News-Service|