Madison JVs on German Retail Portfolio

Originally built in 1994, Kaufpark Eiche is being modernized.

FRANKFURT—Madison International Realty and Hamburg-based asset manager Redos Real Estate have entered a joint venture on the Christie Portfolio, four shopping center properties totaling two million square feet in key eastern German markets. Deal terms were not disclosed.

“This portfolio fits Madison’s strategy of buying established prime assets with good in-place cash flow as well as embedded value enhancement opportunities that will be driven by investments in targeted, on-site initiatives that optimize the tenancy in existing high-volume centers,” says Matthias Cordier, director of Madison in Frankfurt. “Additionally, the properties are located in strong submarkets and each center has the dominant competitive position in its local area.” The properties are located throughout greater Berlin and Dresden.