Berlin: Signa sells Up! to DWS for €335mn
Signa has sold the “Up!” near Berlin’s Ostbahnhof. The new owner, as TD learned, will be a fund of asset manager DWS. Market insiders are talking about a purchase price of €335mn. The department store on Koppenstraße was built in 1979. Signa is currently converting the building into an office and retail property. Zalando alone will be occupying 42,500 sqm office space. Completion is scheduled for mid-2020. JLL is said to have advised Signa on the forward deal, which was concluded before the end of the year. DWS and JLL declined to comment on this information; Signa had not reacted by the TD Morning news editorial deadline.
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