CBRE Investment Management has sold neighbourhood shopping centre Lurup Center in the German city of Hamburg to investment and asset manager Captiva and fund services provider Universal Investment.
The fully leased asset had been held on behalf a separate account mandate. Financial terms of the deal were not disclosed.
The asset at Eckhoffplatz 1 offers around 13,300 m2 of leasable space as well as 410 parking spaces. Anchor tenants include a Kaufland supermarket, drug store Rossman and non-food discount chain Action.
Marius Schöner, country manager for Germany at CBRE Investment Management, said: 'The Lurup Center is one of our success stories within our retail portfolio. Providing local amenities, the neighbourhood centre performed very well during the pandemic. Through active asset management, we have extended several existing leases and closed new contracts over recent years and have successfully concluded the business plan for one of our separate account mandates.'
Captiva acted as investment manager in the transaction for a special real estate fund administered by KVG Universal Investment. The buyers were advised on the deal by Jebens Mensching (legal and tax) and Consulting Partners Hamburg (technical).
CBRE Investment Management was assisted by BCLP (legal and tax) and Drees & Sommer (technical).
The transaction was brokered by CBRE.