Barings sells retail park near Berlin to Austrian fund

Barings Real Estate has sold a retail park near Berlin, Germany, to Austrian open public fund LLB Immo KAG.

Financial details were not disclosed.

Comprising 12,500 m2, the property - called Nauener Karree -  is located in the town of Nauen, on Dammstrasse/Oranienburger Strasse.

Occupiers include retailers, a fitness centre, as well as a care and residential component spread across 4,000 m2. The park was built in 1994 and has around 250 car parking spaces. The occupancy rate is 85%.

The transaction is LLB Immo KAG’s second purchase of a specialist retail centre in greater Berlin in a year.

JLL advised on both transactions. KFR Rechtsanwälte acted as legal adviser to the seller, whilst CMS advised the buyer.

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