Deutsche EuroShop AG to Acquire Herold-Center Norderstedt

Deutsche EuroShop AG (EuroShop) announced that it will take over the Herold-Center in Norderstedt, located on the northern outskirts of Hamburg, from West Register PRIME Norderstedt GmbH at the beginning of 2013. The investment volume is approximately EUR 187 million, the initial rate of return approximately 6.1%. The acquisition will increase Deutsche EuroShop's portfolio to 20 shopping centers, with a market value of EUR 3.8 billion. Built on two levels, with a retail space of approximately 26,000 square meters, the Herold-Center houses approximately 130 specialist shops. The Center's key tenants are three clothing stores (P&C, C&A and H&M) and a supermarket (REWE). A Karstadt department store, which is third-party owned, is also connected to the Center. In addition, the Center boasts around 14,000 square meters of residential space (256 apartments) and 5,000 square meters of office space. The Herold-Center has a total leasable space of 55,500 square meters. Parking facilities for visitors offer space for 850 cars and 300 bikes. The seller was advised by CBRE and Clifford Chance Partnergesellschaft.