Rockspring fund buys German mall
Rockspring Property Investment Managers, on behalf of its TransEuropean Property LP VI, has acquired the Flora Park shopping center in Magdeburg, Germany, from Chenavari for €117 million ($124 million) in an off-market transaction.
Flora Park, which is 90 miles west of Berlin, is one of the largest shopping centers in the state of Saxony-Anhalt. The property comprises 715,800 square feet of retail space across 90 units and has 2,700 car parking spaces. It is anchored by a 129,000-square-foot Real hypermarket, a 170,000-square-foot Roller furniture store and a 26,000-square-foot TK Maxx. Other tenants include Medimax, C&A, Deichmann and Aldi.
The center, which was originally constructed in 1992, is currently undergoing a full refurbishment, which was commenced by the seller and will be completed by Rockspring in 2017.
The total capital cost of the renovations, once completed, will be in the region of €25 million ($26 million). The refurbi