Union Investment acquires Neucölln Carrée in Berlin from Stenprop

Neucölln Carrée in Berlin changes ownership. Union Investment acquired the centrally located local supply center in Berlin’s Neukölln district (on the corner of Sonnenalle and Grenzallee) with a leasable of 13,364 sq m and 14 shop units for its institutional real estate fund.

Anchor tenants of the virtually fully leased center are Edeka, Aldi Nord, and Rossmann. The center clearly focuses on FMCG (Fast Moving Consumer Goods), as approximately three thirds of its rental income is generated by daily goods. The seller is the LSE-listed REIT Stenprop. The owner hired asset and investment manager Montano Asset Management to handle the sales process. CBRE and the law company JebensMensching consulted Stenrop throughout the transaction. Möhrle Happ Luther and P+P Pöllath + Partners consulted Union Investment. The transition period of the sales contract is planned in a timely manner, January 2021 at the latest.

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