DLA Piper has advised GERRY WEBER International AG on the sale of the Halle 30 showroom centre in Düsseldorf to an institutional real estate investor.
The purchase price of the property was EUR 49.1 million, which is equivalent to a multiplier of approximately 18.5 on the annual net basic rent. Since the signing of the sales contract on 28 October 2016, completion of the sale had still been subject to various execution and maturity requirements, which have now been fulfilled.
Completed in 2011 and located in the Düsseldorf district of Derendorf, the showroom centre has a rentable floor space of approximately 13,500 square metres and is fully let to various fashion enterprises.
GERRY WEBER International AG headquartered in Halle/Westphalia is a globally operating fashion and lifestyle company that unites the brands of GERRY WEBER, TAIFUN, SAMOON by GERRY WEBER and HALLHUBER under one umbrella. The Group was founded in 1973 and, around the globe, maintains almost 1,270 of its own stores and sales areas, more than 2,300 shop-in-shop areas, 270 franchise stores as well as branded online shops in nine countries. It has approximately 7,000 employees.
The DLA Piper team led by partner Fabian Mühlen (Picture) comprised counsel Christian Lonquich (both Frankfurt), associate Moritz Mursa (Cologne) and transaction lawyer Tamara Schwenk (Frankfurt, all Real Estate).
Law Firms: DLA Piper;
Clients: GERRY WEBER International AG;