The insolvency administrator of the owner of the "Lilien Carré" shopping centre in Wiesbaden, Germany, Mr. Hans-Wilhelm Goetsch (attorney at BGP Insolvenzverwaltungen), has sold the entire property, consisting of a shopping centre, an office building and a hotel complex. The purchasers are Orion IV European 22 S.à.r.l. and Orion IV European 23 S.à.r.l. advised by Orion Capital Managers within the Orion European Real Estate Fund IV. The parties have agreed to keep the sales price confidential. Savills, one of the leading international property advisors, acted on behalf of the vendor in the structured sales process.
"During the time within the insolvency proceedings Acrest Property Group was retained for the asset management of the property and, in close consultation with the main creditor and the insolvency administration, created a sustainable revitalisation and re-positioning concept for the centre. As the realisation of this concept is now imminent, this was the right time to entrust a future-oriented purchaser with the further development. Therefore, an efficient sales process was successfully completed over the last few months." says Mr. Hans-Wilhelm Goetsch the insolvency administrator.
"The new, holistic, tailored-made repositioning concept aims at turning the shopping center into a hybrid, family-friendly centre in order to realise Lilien Carré's full potential," says. Karsten Nemecek, Director Corporate Finance - Valuation at Savills Germany. "The strengths of a shopping centre will be combined with the advantages of a retail park. This approach is strongly supported by the in-coming anchor tenants REWE, Toys"R"Us, Saturn and Rossmann, all of which have already signed long-term lease contracts as Acrest has begun implementing the plan. Completion of the repositioning is scheduled for 2016." he adds.
Orion Capital Managers has significant shopping centre investment and development experience across Europe. Orion sponsored funds have current ownership interest in 13 shopping centres totaling approximately 1.0 million square meters of retail space. Van Stults, Managing Director and a Founding Partner of Orion, says: "Our business plan is to capitalise on the Acrest work and new tenants by bringing the investment and resources to improve the customer experience and future performance."
Lilien Carré was opened in 2007 and is a unique landmark building in the Wiesbaden cityscape given its elegant and distinctive architecture. The building complex comprises a total lettable area of over 36,000 sqm, including the centerpiece two-storey shopping center with approximately 25,000 sqm retail area, 1,200 parking spaces and over 50 tenants. Also within the property are the 186 room Motel One hotel (approx. 5,700 sqm) and an office building (approx. 3,000 sqm).
Savills plc is a United Kingdom-based global real estate services company. The Company operates through a network of offices in the United Kingdom, Europe, Asia Pacific, North America, Africa and the Middle East. The Company's range of services covers various segments, which include residential, office, industrial, retail, leisure, healthcare, rural and hotel property, and mixed-use development schemes. Its businesses include Transaction Advisory, Consultancy, Property and Facilities Management and Investment Management. The Transaction Advisory business stream comprises commercial, residential, leisure and agricultural leasing, tenant representation and investment advice on purchases and sales. Its Property and Facilities Management business includes management of commercial, residential, leisure and agricultural property for owners. Its Consultancy business includes a range of professional property services, including valuation, project management and housing consultancy, and other.
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