Stenprop sells retail warehouse complex in Berlin to ILG Capital institutional fund

Stenprop, represented by Montano Asset Management (Montano), is selling the Hermannquartier inner-city retail warehouse centre in Berlin-Neukölln to an ILG Capital institutional fund. The retail warehouse and office complex, adjoining the Hermannplatz S- and U-Bahn station, which has a lettable area of 8,320 sqm, is changing hands for EUR 30.8 million.

The main tenants of the three-storey complex, which was built in 2008, are REWE, Netto, dm and Kik, with a variety of other retail tenants. 15% of the accommodation is let to office occupiers, cafés/restaurants and medical practices.

An ILG Capital spokesman commented, "We were particularly impressed by the location. Hermannstrasse, which links several popular ‘Kieze’ (Berlin neighbourhoods), features dense residential and commercial development. The high-footfall location, with direct access to the Berlin S- and U-Bahn network, will continue to feature established retail tenants and attract numerous visitors in the future."

Mazars Rechtsanwaltsgesellschaft acted for the purchaser on legal and taxation issues, while REC Partners GmbH advised on technical matters. The vendor was advised by Jebens Mensching Rechtsanwälte, Hamburg, as well as with CBRE and CBRE Preuss Valteq.

The administration of the open-end real estate special AIF is carried out by INTREAL as a service KVG.