COLOGNE, Germany-The Irish-German real estate company Signature Capital has agreed to the sale of the Neumarkt Galerie shopping center in Cologne to Deka Immobilien GmbH for around $403 million (EUR 295M.)
The building in the city center of Cologne at the beginning of Schildergasse, one of Europe’s busiest shopping streets, is undergoing extensive renovations due to be completed by Q1 2014. The sale is expected to close by mid 2014.
The Neumarkt Galerie has a total lease area of nearly 400,000 square feet. The anchor tenants are the retail chain Primark, Mayersche Booksellers and clinic operator PAN Klinik. About half of the space is retail with the remainder being clinic and office, and the property is 86% leased.
The transaction for Signature Capital was processed in consultation with Jones Lang LaSalle. the purchaser was represented by CB Richard Ellis.
Signature Capital, with offices in Dublin, London and Berlin was founded in 2004 by Ciaran McNamara and Enda Woods.
Late last year Deka Immobilien has acquired 10 Livery Street in Birmingham, England from a fund managed by Signature Fund Management Limited for around $37 million (£22.2M).