The international private equity real estate investment joint venture of Sistema and Corestate has acquired two high street properties for a total of €105 m. The properties are located in Flensburg and Lübeck, in Germany’s Baltic coast. The investments will be debt-financed by 70% and lift the JV’s total volume of retail real estate deals in Germany on behalf of a Sistema-led club of investors to €350m. The property in Lübeck is located in the city centre close to the main train station, while the property in Flensburg is based in the pedestrianised precincts. Occupying their combined total gross lettable area (GLA) of 37,000 sqm are tenants which include Saturn, TK Maxx, Mc Fit and Holmes Place.
