Becken acquires fully let property to Galeria Karstadt Kaufhof in Berlin-Lichtenberg

by   CIJ News iDesk III
2023-05-16   06:42

Becken, a specialist for the development and revitalisation as well as for the asset, sales, and investment management of commercial and residential real estate, has deepened its commitment on Berlin’s real estate market by acquiring “RingCenter III,” an existing shopping centre. The property is fully let to the Galeria Karstadt Kaufhof department store chain. Located at Frankfurter Allee 113-117, the four-storey property provides around 13,500 square metres of floor area. It was sold by an investment fund of Credit Suisse Asset Management.

Jens Hogekamp, Managing Director of Becken Development GmbH, said: “Even in market cycles like the present one, we remain on the look-out for auspicious properties with development potential in attractive locations and at market-consistent prices,” Roland Köppe, authorised signatory and Head of Acquisition at Becken in Berlin, added: “The RingCenter III shopping centre, with its highly convenient public transport links and its urban location on the district boundary between Friedrichshain and Lichtenberg, implies optimal geographic parameters.” He went on to say: “With this acquisition, Becken has expanded its involvment in Berlin’s real estate market, now owning three sites.”

The benefits and burdens were transferred on April 1st, 2023. CBRE acted as broker during the sales process. Legal counsel was provided by the law firms of Oberthür & Partner Rechtsanwälte mbB and WALCH RITTBERG NAGEL Rechtsanwälte und Steuerberater Partnerschaft mbB on the buyer side, and by Ashurst LLP on the seller side.