Union Investment acquires Schlosspark-Center in Berlin from Savills IM

Union Investment has acquired a local supply center in Berlin-Pankow. The Schlosspark-Center has a rental area of ​​5,965 sqm. The purchase is made for the open-ended real estate fund immofonds 1, which is sold exclusively in Austria. The seller is the international real estate investment manager Savills Investment Management. The parties have agreed not to disclose the purchase price.

“With the Schlosspark-Center, we are acquiring an established and highly frequented local supply center with location-appropriate and crisis-proof tenants in a top 7 location. The exceptionally strong population growth in the Berlin district of Pankow, the integrated location in a densely populated catchment area and the excellent accessibility by car and public transport speak for a core location with further growth prospects ", says Roman Müller, Investment Manager Retail at Union Investment.

“The Schlosspark-Center shows very impressively that stationary retail is anything but death. As everywhere, a differentiation has to be made here as well. Specialist market centers and especially local supply centers with grocery stores and tenants from the convenience segment have proven their resistance to crises over the past 18 months and are very much in demand, ”adds Tim Ulrich, Deputy Head of Transactions Germany at Savills Investment Management.

The local supply center is located directly on Hermann-Hesse-Straße (B96a), one of the most heavily frequented entry and exit streets between Berlin city center and the northern surroundings. The direct catchment area of ​​the Schlosspark-Center encompasses around 82,600 residents within a journey time of 5 minutes.

The Schlosspark-Center, built in 2011, consists of six building parts that form a U-shape and enclose the centrally located parking lot on three sides. The areas are rented to local suppliers and medical practices. The main tenants are the Penny grocery store, the Rossmann drugstore and the Denn’s organic store. All retail units are located exclusively on the ground floor and have separate, ground-level entrances from the parking lot.

Union Investment received legal advice from Möhrle Happ Luther, tax advice from POELLATH and in the areas of environment and technology from HPC and Kaiser Baucontrol. Savills Investment Management was advised by Noerr Rechtsanwälte, Savills, PwC and Diederichs International.