Lisney, together with its German partner Kemper’s, have advised Ballymore Properties on the acquisition of a large retail site in Berlin for €155 million.

The retail site, which is known as the Kudamm-Karree, is situated in Germany’s prime retail district Kurfuerstendamm in the centre of Berlin. This site comprises not only retail and offices, but also some residential accommodation and a theatre. It currently has a lettable area of 63,000sq.m.

Ballymore Properties have plans to spend €450million re-developing this two-hectare site. Mike De Mug, Ballymore’s group retail director, said the site the company has acquired “Is one of the best in Berlin. It is an existing retail arcade with two office towers over it, one of which is a landmark building”. Mr Mulryan, Ballymore’s chairman and chief executive, commented “We plan to further develop and enhance the Kudamm-Karee to make it an appealing destination for Berliners and visitors alike”.

The advisors on this project Lisney is Ireland’s largest privately owned property consultancy firm and an independently owned and operated member of the Cushman & Wakefield Alliance. Lisney has enjoyed sustained growth in continental Europe and are recognised as the market leader in Ireland for German commercial investments. Lisney research suggests commercial property investments in Germany by Irish investors totalled €1.4 billion in 2006. Lisney has transacted properties valued at over €700 million on behalf of Irish investors in Germany and has currently another €280 million in the due diligence process. Lisney has three German professionals based in Dublin focussing full-time on the German property market.

Source: Lisney / Irish Times