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CMC Capital, the Clonakilty, West Cork based German commercial property investment firm, announced today the purchase of a major Berlin shopping centre for over €100 million. The Schloss Strassen Centre (SSC) is located on a prime-shopping street in Berlin and has been purchased by CMC Capital on behalf of their German commercial property syndicates.
”The closure of this transaction is the culmination of months of negotiations with the vendors in Germany, but it has been well worth the wait to secure such a prestigious property in Berlin’s prime shopping area,” said Derry Crowley, director of CMC Capital. “Property on this street rarely comes onto the market. We are fortunate that because of the quality of the local contacts and partners we have cultivated since entering the German market in 2004, we were able to enter direct negotiations with the vendor.”
“We agreed the purchase price in September 2006, when the property was still in construction. Since then, there has been solid appreciation in the market, so we believe that we have secured great value for our clients in this deal.”
The SSC opened for business in April 2007. Finished to a top specification, it is extremely well located on the Schlosse Strasse, the second busiest shopping street in the German capital, with an hourly footfall reaching in excess of 4,000 shoppers.
With three floors of retailing and over 16,000 square metres of space the centre has a mix of international, national and local tenants. These include highly regarded international retailers such as Zara, Toys ”R” Us and Vodafone. Rewe, a major German supermarket chain is one of the anchor tenants, while the centre other tenants’ include Weltbild bookstore, dM drugstore, Aktiv Schuh shoes, fashion shops Butlers, More and More, and Mustang are amongst the other well-known retailers located in the centre.
Most of the tenants are on 10 year leases that provide for inflation linked rental increases, while many also provide for additional rental income based on retail turnover achieved. Rental levels in the SSC are at or below the latest rent levels being achieved on the Schloss Strasse.
The centre is strategically located adjacent to an underground rail station, from where there is a direct pedestrian link into the centre. There are 365 parking spaces in the centre, located on the fourth and roof levels of the building.
“Our focus in completing this deal has been to secure a top quality investment property at a price and in a manner that delivers value for our investors,” Crowley concluded.
Associated with Cork-based Crowley & McCarthy Chartered Accountants, CMC Capital says that it has over €500m under management on behalf of its property syndicate investors. © Copyright 2007 by Finfacts.com |
