Signature Capital has bought the Galleria Kaufhof department store in Berlin for €61.3m (£42m)
The Irish company, founded by Ciaran McNamara and Enda Woods in 2004, bought the 1978 centre at a gross yield of 7.17%. The building totals around 500,000 sq ft of retail space and is let on a long lease to Kaufhof Warenhaus, part of the METRO Group, which is Germany’s largest retailer.
The deal brings the value of Signature’s German portfolio to nearly €400m (£272m). In November last year it launched a €200m (£135.4m) German fund targeting Irish private investors looking to invest in Germany. It has since raised more than €50m (£34m) in equity, which with debt, means it can buy a further €250m (£170m) in Germany.