CS Euroreal sells three retail properties
Credit Suisse's German real estate fund CS Euroreal, which is in liquidation, has sold a package of three almost fully leased German retail properties.
The sales price for the portfolio is slightly above the most recently determined fair value totaling €146.9 million.
The largest of the three properties is Trier Galerie, an inner-city shopping center built in 2008 with an area of around 20,000 sqm. In addition, the 13,300 sqm Kaufhof Galeria department store, which is part of the Ring-Center in Berlin-Lichtenberg, is part of the package. The third property is a new specialist store center in an up-and-coming retail location in Coburg, which was expanded in 2014 to a total of just under 18,000 sqm.
According to Credit Suisse, the sale price for the portfolio is slightly above the most recently determined fair value totaling 146.9 million euros. The buyer of the portfolio is a German capital management company. It is taking over the properties for the account of a real estate fund for institutional investors. Credit Suisse Asset Management Immobilien KAG mbH will continue to provide advisory and asset management services for the portfolio. The transfer of benefits and encumbrances to the purchaser is expected to take place by the beginning of July 2015.
In the course of the liquidation of CS Euroreal, contracts have been concluded for the sale of 67 properties with a total volume of 4.1 billion euros. The fund only parted with 16 German office properties in May. There are still 47 properties worth around 2.3 billion euros to be sold.
