Commerz Real Acquires Retail Property on Alexanderplatz in Berlin

Commerz Real just acquired the retail property “Die Mitte” in Berlin. The property is located in a prominent spot on Alexanderplatz right in the heart of a highly frequented shopping quarter. The property was completed in March 2009. It has a gross lettable area of nearly 20,000 sqm and is fully let, long-term. For the open-ended real estate fund hausInvest europa, the acquisition involved total investment costs of 126.6 million euros. Seller of the property was Hines Immobilien GmbH, an internationally active project developer.

“With the ‘Mitte’ estate we acquired a high-end, prestigious and fully let, long-term retail property in the heart of Berlin,”

said Hans-Joachim Kühl, Member of the Board of Commerz Real AG and in charge of real estate acquisitions.

“Its superior connectivity, its excellent tenant mix, and the attractive retail environment on Alexanderplatz will make this property a sought shopping destination which will sustainably strengthen the fund performance."

Tenants include Saturn, New Yorker, EDC Esprit, Esprit, dm, Promod, Steilmann, O2, E-Plus, and L’Tur.

Since the seventeenth century, Alexanderplatz has been one of Berlin’s most important and busiest squares. The redevelopment of the square – popularly referred to as “Alex” – underlines the historic significance of the site as dynamic retail location, sought shopping quarter, and traffic hub of eastern Berlin.

source : Commerz Real