Fri, 16/11/2012 - 14:13
Valad Europe, a real estate investment manager, has sold the 16,550 square metre Rathaus Centre in Monheim, Germany to Phoenix Development in conjunction with ZIAG Immobilien.
Comprising approximately 7,800 sq m of retail space and 7,800 sq m of office space and 950 sq m of ancillary storage space, the Rathaus Centre occupies a prime position in the centre of Monheim, opposite the central bus station, and approximately 30 km from both Cologne and Dusseldorf.
The centre provides 354 car parking places, the city’s biggest car park facility, and has potential for further development.
The centre has a mix of national and international brands and chain stores trading alongside local and regional retailers including Deutsche Bank, Kaufpark, Deutsche Post. Rossmann Südwest and Deichmann SE.
Phoenix Development intends to restructure the retail and office space to create an integrated centre.
Andreas Hardt, Valad Europe’s head of Germany, says: “We are pleased to have completed the trade of the Rathaus Centre. As part of Valad Europe’s active asset management approach, we regularly evaluate the performance and potential of all the assets in each of our portfolios. Having carefully considered the options for the Rathaus Centre, we decided that a sale was in the best interests of investors.”
Brockhoff & Partner Immobilien acted for Valad Europe and ZIAG Immobilien. International law firm Orrick Hölters & Elsing advised both Valad Europe and ZIAG during the negotiations.
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