COLOGNE, Germany-The Irish-German real estate company Signature Capital has agreed to the sale of the Neumarkt Galerie shopping center in Cologne to Deka Immobilien GmbH for around $403 million (EUR 295M.)
The building in the city center of Cologne at the beginning of Schildergasse, one of Europe's busiest shopping streets, is undergoing extensive renovations due to be completed by Q1 2014. The sale is expected to close by mid 2014.
The Neumarkt Galerie has a total lease area of nearly 400,000 square feet. The anchor tenants are the retail chain Primark, Mayersche Booksellers and clinic operator PAN Klinik. About half of the space is retail with the remainder being clinic and office, and the property is 86% leased.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
