Cordea Savills European Commercial Fund has acquired the district shopping centre of Nordmeile in Berlin – Reinickendorf, from the Royal Bank of Scotland. The purchase price was c. EUR 41 million.

The centre comprises a total lettable area of 18,700 sqm and is let on long leases to a mixture of regional, national and international retailers, such as Edeka, Rossmann, Medimax and Futterhaus. The retail offer is complemented by cafes and restaurants as well as service providers, such as banks, travel agencies, pharmacies  and doctors’ surgeries.

“A key driver for the acquisition of Nordmeile was that turnover figures are very good and have steadily increased since opening in 2003. This not only secures a stable income for the Fund, but also creates the opportunity to increase value”, commented Daniel Hohenthanner, Director of Investment at Cordea Savills.

Cordea Savills was advised by Pöllath + Partners, the vendor by Latham & Watkins and CBRE.

European Commercial Fund
The European Commercial Fund is a Luxembourg specialised investment fund (FCP-SIF) for institutional investors. The EUR 560 million portfolio consists of 18 assets located in core western European countries.

Contacts:
Patrick Evans / Stephen Sheppard
Citigate Dewe Rogerson
Phone: +44 (0)20 7638 9571