Savills, acting as an agent for OIRP Investment 12 S.à.r.l. has placed the Allee Center in Berlin, Germany on the market at a guide price of €60m.
The center is situated in the Bezirk Lichtenberg district, which is a residential suburb within Berlin. The shopping center measures 16152m² and comprises of 48 retail units and 316 car parking spots. The center is managed by ECE and benefits from being placed within an urbanized environment, with strong anchor tenants, Woolworths, Kaisers and Aldi.
The director of cross border retail investment at Savills, Oliver Fraser-Looen, said the availability of the Allee Center offers an unusual opportunity to obtain a well-performing, established center within Berlin. It offers long-term, secure income from a highly desirable asset.
Savills is expecting the offering to draw strong interest.
The managing director of Savills Frankfurt, Richard Troake, expressed his delight at placing the Allee Center on the market. He said that since their client acquired the asset, they have improved it and he is of the opinion that the lot size and sector should attract a huge amount of interest.