Oceans’ Real Estate Finance division successfully advised on the sourcing and execution of debt financing for publity’s acquisition of the Karstadt headquarters in Essen-Bredeney.
The former single tenant property with a total lettable area of more than 100,000 sqm remains Karstadt’s headquarters, albeit after a significant reduction in space.
Since its transformation into a multi-tenant building, the North Rhine-Westphalia police department (c. 27,000 sqm) joins Karstadt (c. 38,000 sqm) as one of its anchor tenants, having signed a 30-year lease contract back in March 2018.
The total investment costs amount to EUR 150 million, comprising acquisition costs as well as significant CAPEX and TIs with the proceeds of the senior mortgage facilities being used for a respective pro rata financing.