PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Europa Capital in e70m Berlin mall acquisition at 8% yield, plans capex
Pan-European real estate fund manager Europa Capital has aquired Forum Steglitz shopping centre in Berlin at a net initial yield of 8% for its new Europa Fund III. Seller was UK REIT Hammerson, and the acquisition was facilitated by a e47m loan provided by a German bank. The 32,600 sq.m. Forum Steglitz is one of two established retail malls in the German capital. Anchored by retailers including Hennes & Mauritz, Quelle, Karstadt Sport, Lidl, and Esprit and its longest standing tenant Spiele Max, the centre has recently added a fitness club managed by local operator SuperFit. The vacancy rate stands at 17%, and Europa Capital plans to enhance the tenant mix via new lettings, and make a series of value-creating initiatives.