The Highstreet investor consortium has completed the sale of a Karstadt department store in Bielefeld, northern Germany to local investment firm Aachener Grundvermögen KAG. The price of EUR 40 mln generates capital gains of EUR 3 mln.

The deal, which involves some 27,000 m2 of space, brings the total amount of single-asset disposals carried out by Highstreet so far this year to over EUR 670 mln. Last month, the company divested three Karstadt department stores to privately held property group ECE Projektmanagement for over EUR 50 mln.

The transaction was brokered by Prelios, the Italian listed property services firm, which owns a 12% stake in Highstreet. Prelios also manages the portfolio on behalf of the other investors, Goldman Sachs' Whitehall Funds (51%), Deutsche Bank's RREEF funds (24%), Generali (11%) and the Borletti Group.