U.K.–based Stenprop, a multi-let industrial (MLI) property company, has agreed to sell its freehold interest in the Hermann Quartier shopping center in Berlin to ILG Capital for €30.8 million ($37.6 million).
Stenprop intends to use the net proceeds from the sale to fund further acquisitions in the MLI sector.
Spanning 8,274 square meters (890,60 square feet) of gross lettable space, Hermann Quartier is a covered retail center located above the Hermanstrasse S- and U-Bahn station. The disposal will conclude the sale of the Stenprop’s food-led Berlin retail portfolio and is in line with the company’s strategy to become a 100 percent U.K. MLI business by March 2022.
“Exiting the Berlin retail portfolio represents another significant milestone towards Stenprop’s transition to become a fully focused U.K. multi-let industrial REIT and is the culmination of a successful year in our disposal program,” said James Wakelin, head of debt and special projects
