The Berlin-based real estate agency Winters & Hirsch has advised a Hamburg property developer on a forward deal for the sale of a specialist retail centre currently under construction in the state of Brandenburg. The property in Fredersdorf-Vogelsdorf, a community in the rural district of Märkisch-Oderland, was acquired by a Family Office from Israel.
The property is to comprise approx. 3,180 sqm of total rental space and approx. 95 parking spaces on a plot of approx. 9,000 sqm. Completion of the property close to Fredersdorf S-Bahn station is slated for the second quarter of 2015.
The main tenants in the new retail centre are going to be a REWE consumer market and a dm drugstore. Approx. 330 sqm of the rental space is earmarked for commercial use such as doctors’ practices and offices.
Fredersdorf, a community of some 12,700 residents, is among the well-heeled areas of the Berlin metropolitan region. The community has enjoyed a moderate increase in population over the last years.
Demand for German retail properties remains high from both German and foreign investors. In the first half of 2014, the overall investment volume totalled approx. 4.8 bn euros, a year-on-year increase of approx. 20 per cent. The scarce supply of investment opportunities in prime retail locations increasingly makes investors look at secondary locations with the potential for value increase. Boasting fast transport links to the capital and positive demographics, the prospering Berlin commuter belt is a promising location for medium and long-term investment in this segment.
Winters & Hirsch had been retained by the seller to market the property and was able to wrap up the transaction within a few weeks.
The seller was represented by the Berlin law firm of Wegner Ullrich Müller-Helle. The buyer was represented by FPS Rechtsanwälte.
The parties have agreed not to disclose the purchase price.