Berlin’s famous KaDeWe department store has been the venue for many a last-minute Christmas shopping dash. Now the store has itself been snapped up in time for Christmas as part of a €1.1 billion sale at the end of what has been a buoyant year for German property deals.
The KaDeWe building and 16 other Karstadt department stores are to be sold by a consortium led by Whitehall, the Goldman Sachs property fund, to Signa, an Austrian investor.
The transaction, set to complete next year, is one of the biggest in Germany this year and shows how the euro zone’s largest economy remains a favoured destination for property investment.
This year is on track to rival 2011 as the busiest for German commercial property transactions since the financial crisis. – The Financial Times Limited 2012
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