The portfolio comprises the two prime assets ‘Opernplatz 2’ at the gateway to Frankfurt’s shopping street ‘Goethestraße’ and the department store ‘Beursgallery’ on Hoogstraat in Rotterdam. SIGNA Prime Selection AG acquired the portfolio together with RFR Holding GmbH from Allianz Real Estate GmbH in a 50:50 joint venture.
The ‘Opernplatz 2’ site is to be developed with an eight-storey mixed-use building consisting of offices, retail outlets and restaurants in the direct vicinity of the Alte Oper.
The large-scale retail property ‘Beursgallery’ is located on the most frequented shopping street in Rotterdam, the Hoogstraat, between the Central Station and the Market Hall. Here, extensive project development is possible after the move of the main tenant HSBC.
Steinberg Real Estate Management GmbH managed the transaction for the joint venture partner RFR. This included the entire project management, including coordination of the internal and external project staff involved and the due diligence process, preparation of the business plan, participation in purchase agreement negotiations and financing structuring.