DLA Piper and Colliers International have advised Sterling Developments, an investment partnership located in Manchester, on the portfolio sale of 12 shopping centres and speciality retail markets comprising of approximately 32,000 sqm lettable area, known as 'Stellar Portfolio', to the investment manager Värde. The structured sales process was completed within a marketing period of just under ten weeks from first market approach mid April 2015 until signing mid July. The sale was part of an asset deal.

The shopping centres and speciality retail markets are located in different cities in Bavaria, Baden-Wurttemberg, North Rhine Westphalia, Hesse and Lower Saxony and are rented to anchor tenants like REWE, netto, ALDI, LIDL and KIK. Värde is a US$10 billion global alternative investment firm.

Advising from DLA Piper was a team led by partner Dr Carsten Loll and counsel Dr Martin Haller which included associate Manuel Indlekofer and transaction lawyer Lisa Waizenhöfer (all Real Estate, Munich) together with Oliver Bolthausen and Dr Falko Grauer from BridgehouseLaw Germany GmbH. From Colliers International Ulf Buhlemann FRICS, Head of Portfolio Investment & Advisory Germany, and Thomas Dänzel, Head of Retail Investment Germany advised on the transaction.