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Europa Capital, a UK independent real estate fund management group, has acquired Berlin shopping centre Forum Steglitz from Hammerson Plc, a FTSE-100 real estate investment trust, for €70 million (£62.7 million). The centre was valued at €93.1 million at 31 December 2008.

The eight-digit investment in the 32,000 m² shopping mall was made from Europa Fund III, a pan-European investment fund. To date, the UK private equity house, which has offices across Europe, has invested more than €5 billion in a variety of transactions in 17 different countries.

Forum Steglitz is Hammerson’s remaining property in Germany, and the deal represents a net initial yield of eight per cent. The company said it expected transaction costs to come in at €1 million.

Hammerson acquired Forum Steglitz in 2000, and carried out a refurbishment in 2006. Net rental income in 2008 was €3.8 million.

John Richards, chief executive of Hammerson, said: “The proceeds of the sale will be used to reduce group borrowings.”

Hammerson is primarily focused on UK and French property deals. Its £6.5 billion portfolio includes 15 shopping centres and 19 retail parks.

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