Das Schloss

Background

JLL was appointed by WealthCap in the settlement of their H.F.S. 10 closed-end fund, holding three properties including Das Schloss.

Das Schloss, a prime shopping centre in Berlin-Steglitz, holds 45,000 sq m of high quality retail space across 95 tenants, including MediaMarkt, Rewe and H&M. Das Schloss offers its visitors a unique shopping experience through its “Media Sky”, with 78 projectors creating stunning visualisations in the ceiling.

Strategy

The process was run by employing a flexible portfolio strategy, with parallel processes for the office building and Das Schloss, commencing simultaneously. It was crucial that a flexible approach was taken regarding whether this was to be done as a portfolio or single asset sale to optimise and broaden the investor reach.

The timing of sale was adjusted to capture the recent extension of the majority of the leases (60 in total) to further enhance the resilience of the asset, ensuring a strong sales story.

Bids were collected on a per asset basis and in two stages to maximise price tension. This generated strong competition, beneficial to the overall process. Regular and frequent meetings with our client ensured full transparency and comfort in the process.

Results

JLL created a convincing sales story, highlighting the asset’s strong fundamentals and potential. A targeted approach resulted in a core pricing for this type asset and market.

The sale is a true testament to the continued demand for prime shopping centres in gateway cities in Europe and constituted one of the landmark deals in Germany in 2018.