The Upper West highrise in Berlin

BERLIN Signa, owner of the German Karstadt department store chain, has acquired five prime retail real estate assets valued at 1.5 billion euros in Germany’s largest real estate transaction in 2017.

The private Austrian Signa Group, which recently put in a bid for HBC’s Galeria Kaufhof business, is an active player in the retail and real estate sectors in Europe. Under Signa Prime, the group successfully closed the deal with RFR Holding GmbH for five German high street properties. RFR Holding is part of the RFR Group, which owns and manages real estate in the U.S. and Germany, including landmarks such as the Seagram Building and Lever House in New York.

The acquired portfolio consists of the newly built Upper West high rise in Berlin which will house office, hotel and retail spaces next to the landmark Gednächtniskirche; the key retail locations Alsterarkaden and Kaufmannshaus in Hamburg; the Upper Zeil in Frankfurt, which is currently being developed on Germany’s most highly frequented shopping street, and the Karstadt door located at Munich’s main station, a 50 percent stake of which was already owned by Signa.

The deal encompasses over 750,000 square feet of retail space, almost 600,000 square feet of office space, about 180,000 square feet for hotel usage, 10,750 square feet for gastronomy and an additional 180,000 square feet for other usage.

Signa said the newly acquired properties are close to fully let, and, “as is customary for Signa Prime, be held for the long-term.”

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