Nuveen has finalized the sale of Designer Outlet Berlin to several special purpose vehicles (SPVs) belonging to the French FREY Group. The FREY Group is known for its expertise in developing and operating open-air shopping centers and outlets across Europe. This transaction was executed on behalf of the European Outlet Mall Fund (EOMF), which holds other designer outlet centers in various parts of Europe. The deal is valued at approximately EUR230 million.
The Designer Outlet Berlin, situated in Wustermark, Brandenburg, lies about 30 kilometers west of Berlin. It features over 90 stores and ten restaurants, with a leasing rate of around 98%. ROS, the fourth-largest outlet operator in Europe, will manage the property. FREY acquired ROS separately last summer.
The legal team from A&O Shearman that facilitated this transaction was led by partner Dr. Christian Hilmes and counsel Dr. Daniel Bolm, both based in Hamburg specializing in real estate. The team also included senior transaction lawyer Angelina Lagoda from Hamburg; partners Dr. Michael Fink from Düsseldorf focusing on real estate/funds; Tim Drach handling tax matters; Dr. Udo Olgemöller dealing with public law issues from Frankfurt; counsel Philippe Eicher working on corporate matters from Luxembourg; senior associate Hauke Jung focusing on real estate; associates Dr. Maike Hölscher and Janina Müller dealing with public law matters; Niklas Kniess specializing in tax issues all from Frankfurt; and Dr. Christina Vossen working on corporate/M&A issues from Düsseldorf.
