Gleiss Lutz has advised Rockspring Property Investment Managers LLP (“Rockspring”) on their acquisition of the Flora Park shopping centre in Magdeburg on behalf of property fund TransEuropean Property Limited Partnership VI for EUR 117 million. The seller is London investment manager Chenavari.

Constructed in 1992, Flora Park is situated some 150 kilometres west of Berlin. It comprises around 66,500 sqm of retail space across 90 rental units and has 2,700 car parking spaces, making it one of the largest shopping centres in Saxony-Anhalt. Anchors are a Real hypermarket, a Roller furniture store, and TK Maxx, while the other tenants include major names like Medimax, C&A, Deichmann and Aldi. The shopping centre is currently undergoing major refurbishment. Work was begun by Chenavari and will be completed by Rockspring in 2017. The total cost of the renovations is expected to be in the region of EUR 25 million.

Flora Park is the 10th retail property Rockspring has acquired in the former East Germany since 2011. Rockspring property investment managers specialise in the acquisition and asset and fund management of commercial real estate across the UK and continental Europe. They currently manage European property investments worth some EUR 8.2 billion.

The Gleiss Lutz team acting for Rockspring comprised the following lawyers: Dr. Johannes Niewerth (lead, partner, real estate, Berlin), Dr. Jonas C. Rybarz, Konrad H.J. Discher, Franz-Ulrich Kremer (all Berlin) and Svenja Bender (Frankfurt) (all real estate)