Sale of Corso Centre, Berlin

Funds advised by Bruton Capital, the German real estate investment and asset management firm, have sold an 11,000 sq.m. multi use centre in the popular Berlin suburb of Hellersdorf. The centre, which was purchased out of administration in 2016, had historically suffered from a lack of investment and attention. However, it benefitted from an excellent location adjacent to the Kienberg metro station within a well-developed residential neighbourhood. 

The asset is a multi-let secondary centre that offered significant asset management opportunities and the Bruton Capital team demonstrated their strong capabilities by restructuring and repositioning it.  The retail area was restructured to a ground floor focused on 4 to 5 prime tenants. Prime existing tenants include Penny and Kik whose retail space was expanded. A long-term lease was signed with Mac Geiz and additional leisure tenants and medical offices were added on the upper floors. In addition, the Centre’s rents were doubled and operating costs were reduced by 25%.

The disposal of the Corso Centre was in line with Bruton Capital’s business plan and realised attractive returns for its investors.

CBRE acted for the vendor. 

Ross MacDiarmid, a Partner at Bruton Capital said, “This transaction demonstrates our strong capabilities in creating and adding value to multi-tenant and multi-use properties for our investors.”

NOTES FOR EDITORS:

Bruton Capital is a partnership based in Frankfurt and London providing the full spectrum of real estate investment and asset management capabilities to investors in Germany. Bruton Capital advises a number of private investment vehicles across different strategies with a principal focus on retail investment.