Ballymore invests €155 million on Berlin property

Ballymore, the property development and investment group, announced today that it has purchased the Kudamm Karree, approximately 93,000 square metres (1 million square feet) of mixed-use real estate on Kurfürstendamm in the centre of Berlin. The vendor is Fortress Capital and the consideration is €155 million.

The Kudamm Karree comprises retail, office, restaurant, residential, theatre and car park space on the most important shopping street in the German capital. The Karee, which covers approximately 2 hectares (4.9 acres), is a landmark site. Ballymore plans a programme of refurbishment, renovation and redevelopment for the properties.

Sean Mulryan, Chairman and Chief Executive of Ballymore, said:

“This is a stunning location in the very heart of one of the great cities of the world. We plan to further develop and enhance the Kudamm Karee to make it an appealing destination for Berliners and visitors alike. This demonstrates our global focus on large scale mixed use developments in prime locations.”

The world-famous Kurfürstendamm, known to Berliners simply as "Ku'damm," is Berlin's most popular shopping street and promenade.

Ballymore is one of Europe’s largest property developers and investors. It’s most significant interests are in the UK, Ireland and the countries of Central and Eastern Europe. It currently has 58 major projects under construction or in planning. The total built areas of its projects is over 4 million square metres (43 million square feet). It is a privately-owned business with principal offices in London and Dublin.

By Finfacts Team

source: http://www.finfacts.com/irelandbusinessnews/publish/article_1011224.shtml