Nuveen sells Designer Outlet Berlin to FREY

The purchasers are several special purpose vehicles (SPVs) of the listed French FREY Group, which specializes in the development and operation of open-air shopping centers and outlets in Europe. Nuveen sold the Designer Outlet Berlin on behalf of the European Outlet Mall Fund (EOMF), which also owns other designer outlet centers in Europe. The sale price is approximately EUR230 million.

The Designer Outlet Berlin is located in Wustermark, Brandenburg, about 30 kilometers west of the German capital. It comprises more than 90 stores as well as ten restaurants on site and is approx. 98% leased. The property will be operated by ROS, the fourth largest outlet operator in Europe, which FREY separately acquired last summer.

The A&O Shearman team was led by partner Dr. Christian Hilmes and counsel Dr. Daniel Bolm (both real estate, both Hamburg) and also included senior transaction lawyer Angelina Lagoda (Hamburg), partners Dr. Michael Fink (real estate/funds, Düsseldorf), Tim Drach (tax) and Dr. Udo Olgemöller (public law, both Frankfurt), counsel Philippe Eicher (corporate, Luxembourg), senior associate Hauke Jung (real estate), associates Dr. Maike Hölscher, Janina Müller (both public law), Niklas Kniess (tax, all Frankfurt) and Dr. Christina Vossen (corporate/M&A, Düsseldorf).