Europe

CBRE buys German shopping centre

CBRE Global Investors has bought a German shopping centre from MEAG on behalf of a pan-European retail strategy.

The 300,000 sq ft Rahlstedt Center in Hamburg, which has 45 retail units, 12 offices, 56 apartments and 554 parking spaces, sold for an undisclosed price.

Florencio Beccar, head of retail EMEA, CBRE Global Investors, said: “Rahlstedt is the dominant shopping centre within its micro market, offering a good mix of convenience and mass market fashion retailers. The property is located in one of Europe’s strongest markets where the supply of investment opportunities are limited.

“The asset has a strong operational track record and good fundamentals from where to build the investment case.”

CBRE Global Investors was advised by CBRE.

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