January 7, 2011
REDEVCO Services Deutschland GmbH has acquired three retail properties under long-term lease to Karstadt and Karstadt Sport. REDEVCO bought the buildings, located in Hannover, Munich and Viernheim, from Highstreet. The parties have agreed not to disclose the price.
The property in Hannover is located on Große Packhofstraße and houses a Karstadt Sport store. It offers over 8,600 sq. m. GLA spread over seven storeys plus two basements, and sales space of around 7,100 sq m.
The Karstadt building in Munich is part of the Olympia shopping centre on Riesstraße. Of the total 15,000 sq. m. GLA covering the basement, ground floor and first floor, around 9,600 sq m is in use for retail.
The Viernheim addition to the REDEVCO portfolio consists of 18,500 sq m in a four-storey building on Robert-Schuhmann-Straße. The Karstadt store in the Rhein Neckar shopping centre covers just under 11,800 sq m of this.