Real has taken up a stake of 20 per cent in a package of 10 Kaufhof
stores with the intention of developing them and increasing their value
in the medium term together with Signa Prime Selection AG. The
remaining 80 per cent will continue to be held by Signa.
The portfolio encompasses approx. 65,900
square metres of land
and some 371,600 square metres of leasable space, plus nearly 3,000 car
parking spaces. All the stores are exclusively located in high street
and prime locations in German metropolises and medium-sized cities;
they are fully leased to Galeria Kaufhof, with an average residual
lease term of more than 16 years. “Similarly to the Millennium
Portfolio, we are securing properties in prime locations at an
attractive price for Hausinvest which would not normally otherwise
be available,” says a visibly pleased Andreas Muschter, Chief Executive
Officer of Commerz Real. The so-called “Millennium Portfolio” of the
former Generali insurance group comprising 49 office, residential and
retail properties in premium locations in German
metropolises was recently acquired by Commerz Real for its Hausinvest
open-ended real estate fund.
The ten Kaufhof stores are located at Alexanderplatz 9 in Berlin, Am Wehrhan 1 and Königsallee 1-9 in Düsseldorf, Hohe Strasse 41 in Cologne, Rotkreuzplatz / Pötschnerstrasse 5 in Munich, Eberhardstrasse 28 in Stuttgart, Remigiusstrasse 20 in Bonn, Ernst-August-Platz 5 in Hanover, Zeil 116 in Frankfurt am Main and Kurpfalzstrasse P1 in Mannheim. Within their partnership Signa and Commerz Real are planning measures for maintaining and raising the value of these properties. Thus, for example, a 130-metre-high tower with 33 storeys is to be erected at Alexanderplatz in Berlin next to the existing Kaufhof store. “With the real estate and retail competence of Signa and the capital strength of both of us we intend to make a significant contribution to the sustainable development of many inner-cities,” explains Henning Koch, Global Head of Transactions at Commerz Real. As the majority shareholder Signa Prime Selection will continue to assume responsibility for the asset management.
Commerz Real AG