Deka Immobilien sells Schlössle Galerie in Pforzheim (DE)
Friday 4 May 2012
Deka Immobilien GmbH has sold the Schlössle Galerie shopping center in Pforzheim, Germany to a special fund of Real I.S. for around €76 million. The property was part of the portfolio of open-ended mutual property fund WestInvest InterSelect.
Deka Immobilien GmbH acquired the center for the fund when it was built in 2005. Schlössle Galerie comprises over 40 retail units on three floors as well as a three-story office wing. In total, the center comprises some 19,000 m² of retail, office and doctor’s office space. The vendors were advised by Jones Lang LaSalle and lawyers GSK Stockmann & Kollegen.
The property has been upgraded through several remodeling measures in the past few months. These have enhanced the attractiveness of the center and include the addition of a new food court on the ground floor. In light of these property-specific circumstances, the fund is taking advantage of the present strong demand for retail real estate in Germany and selling the property.