A group of investors led and advised by Quinlan Private has bought the Neumarkt Galerie shopping centre in Cologne in Germany for over €170m.
The shopping centre had been owned by a consortium comprising German bank Bayerin, Germany's largest department store operator Karstadt and German property investment and development company Brune Consulting. Brune has kept a major shareholding in the centre.
The Newmarkt Galerie is a six-storey mixed use development with a three-storey basement. It has about 16,000 square metres of retail space on three floors, about 10,000 square metres of office space, a medical clinic and 92 car spaces. It is located at the top os Schildergasse, which is the most frequented shopping street in Germany.
'Developing a presence in Germany complements our portfolio along side our significant investments in the emerging economics of eastern Europe,' commented Derek Quinlan, Executive chairman of the investment group.
