RDI has exchanged contracts with Volksbank eG Braunschweig Wolfsburg to sell its Bahnhof Center in Altona, Hamburg, for €91 ($101 million).
“The sale of the Bahnhof Center in Hamburg is in line with our stated strategy to reduce RDI’s retail exposure and focus the portfolio on the U.K. market,” said Mike Watters, CEO of RDI. “The sale price of €91 million ($101 million) reflects a 9.6 percent premium to the last reported value for the center and was achieved following a competitive bidding process which drew a number of institutional investors. As previously indicated, the net proceeds from the sale of assets currently being marketed will be deployed to reduce Group debt and strengthen the overall balance sheet at a favorable time in terms of the euro’s relative strength to sterling.”
The sale is in line with RDI’s strategic decision to exit its German retail portfolio. The sale is expected to be completed in December and remains subject to certain
