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Quantum buys three karstadt stores for eur 250m

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German property company, Quantum Immobilien KAG, has said it has bought three Karstadt department stores belonging to the Highstreet portfolio for around EUR 250 mln.

The properties are located in Hamburg and Münster and will be added to Quantum's new Prime Retail Germany fund. They offer over 142,000 m2 of office space and close to 900 parking spaces.

The deal comes a few weeks after Quantum acquired four Karstadt car parks from the highstreet consortium for around eur 40 mln. The car parks are located in the cities of Frankfurt am Main, Düsseldorf, Lüneburg and Lörrach. They offer a total of 1,600 parking spaces and 52,000 m2 of floor space entirely leased to Karstadt.

The Highstreet consortium comprises Goldman Sachs' Whitehall funds (51 per cent), Deutsche Bank's RREEF funds (24 per cent), Milan- based Prelios, (12 per cent), Generali (11 per cent) and the Borletti group.

Quantum Immobilien AG has been a real estate specialist since 1999.Owner-managed and independent real estate group, Quantum Immobilien provides development and realisation, capital-market structuring and management of real estate investments through four subsidiaries – the Quantum Projektentwicklung GmbH, the Quantum Immobilien Kapitalanlagegesellschaft mbh, the Quantum Investment GmbH and the Quantum Grundbesitz GmbH. LM