Patrizia, a partner specialising in global investments in real assets, has sold a retail park in Berlin-Prenzlauer Berg. The transaction was carried out on behalf of Patrizia's clients. The buyer was a national portfolio holder who intends to retain the acquired property in their own portfolio long-term.
The property in question is located in Hermann-Blankenstein-Straße, in the immediate vicinity of the 'Storkower Straße' S-Bahn station. It was built in 2002 and occupies a plot of approximately 32,400 square metres. The total rental area of the retail park amounts to around 22,000 square metres, distributed across three separate building sections.
The property boasts a full occupancy rate of 100 per cent. The average remaining term of the existing leases is approximately seven years. A total of 250 parking spaces are available to visitors and customers of the retail park, which further underlines the accessibility and attractiveness of the location.
- —Toom
- —Poco
- —Fressnapf
- —Jysk
- —Bio Company
Key anchor tenants contributing to the property's high utilisation include operators such as Toom, Poco, Fressnapf and Jysk. This tenant portfolio is complemented by the food retailer Bio Company, which strengthens the retail park's local supply function. The parties involved have agreed not to disclose the final purchase price.
Sales advisory and brokerage services for this transaction were provided by JLL. Patrizia received legal advice from PwC. Technical due diligence for the seller was overseen by CBRE. This constellation of advisory firms underscores the professional handling of the sales process.
