An example in Berlin:

• After REAL-ITY introduced the Forum Steglitz investment at Schloßstraße 1, 12163 Berlin (see the property information below) to Europa Capital LLP, London the purchase negotiations and due diligence were carried out with the successful completion of the purchase contract taking place between Hammerson plc, London and Europa Capital LLP, London in June 2009.

• REAL-ITY was tasked with the asset management and sole letting and one year later also took over the property and centre management of the centre. The services were carried out for the Joint Venture between Europa Capital LLP (a London investment company with worldwide activities – www.europacapital.com) and One Capital GmbH based in Berlin (an investment company owned by Stephen Cotton and Patrick Klein – www.onecapital.de).

• From 2010 - 2012 the location was re-established with a new brand image and numerous measures led to a higher recognition of Forum Steglitz in professional circles, as well as imperially: letting reached 99.7% (84% when the property was bought), income increased by 20% and footfall rose from 4 million p.a. (in 2009) to over 6 million p.a. (in 2013).

• After the business plan targets were reached, REAL-ITY was appointed by the investors in 2012 to look for a suitable purchaser for the property. During the acquisition process Real I.S., a fund investor of Bayerische Landesbank was chosen as preferred purchaser.

• REAL-ITY led the sales process in conjunction with Clifford Chance, Frankfurt, from the due diligence phase to the completion of the sales contract. The contract was signed on 24th September 2013 and handover took place on 31st October 2013.

• As a result, Forum Steglitz was sold punctually as planned in the 2009 business plan. For the investors the project was a success. The target returns were met. The capital return was 28.1%, the equity multiplier 2.2 and the internal rate of return was 19.4%.

Property information

Forum Steglitz www.forum-steglitz.de is Berlin’s oldest shopping centre and one of the oldest in Germany. Since it opened its doors at Schloßstraße 1 on 23rd April 1970 it has become an institution in Berlin. Forum is located in one of the strongest turnover and most frequented shopping streets in Berlin, Schloßstraße in the south-west of the city. 718,000 residents live in the catchment, there is 200.000 m² of retail space and the footfall is ca. 4.200 shoppers per hour (source: Jones Lang LaSalle).