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Catalyst Capital buy Erfy Karree Kerpen retail park in Cologne



European real estate investment firm Catalyst Capital has bought the Erfy Karree Kerpen retail park in Cologne for a sum amounting to €55 million ($62 million).

The park is located 25 kilometers to the east of the German city of Cologne and was sold by the Nesseler Grünzig Group which is based in Aachen, Germany.  The purchasing company stated that they had made the deal in partnership with an overseas investor that has been targeting assets in Germany for purchase.

Erfy Karree Kerpen retail park covers an area of 55,000m2 and enjoys good transport links to the city center in Kerpen. Among the big brand outlets here are the DIY store OBI, furniture retailer Roller and the consumer electronics outlet Saturn.

It is a relatively new shopping destination, having been constructed in different phases during the period from 2010 to 2012. The majority of the stores in the center are single story units, while the average unexpired lease term right now is around 8 and a half years.

The Third Big Acquisition in a Year

Catalyst has announced its intentions to work closely with the local authorities in order to help the shopping center grow in the future. This is the 3rd new property acquisition carried out by the company in recent times in conjunction with its overseas investing partner. In the last year the firm has bought Carl-Ulrich-Strasse 4 in Neulsenburg for €20 million ($25 million) and Eschersheimer Landstrasse 50 in Frankfurt for €16 million ($20 million).

Kean Hird is the Catalyst partner in charge of the German and Polish territories. He said that this is a “classic Catalyst Capital acquisition” in that they are purchasing an investment that is in a good location and while will allow them to use their asset management skills to add value through the likes of rental uplifts, the development of new units and the repositioning of some of the existing units.

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