European real estate investor Orion Capital Managers has acquired the Allee shopping centre in Berlin-Hohenschönhausen from a closed-end fund managed by DWS, the mutual fund company of Deutsche Bank's Asset Management Business Division. The transaction price was not revealed, but is believed to be in the region of EUR 50 mln.

The purchase was made on behalf of a subsidiary of the Orion Income Partners fund, a pan-European core fund sponsored by Orion Capital Managers.

The property is located in Berlin's Hohenschönhausen district close to the newly-opened Ikea store and has a total lettable area of 16,000 m2, including around 12,000 m2 of retail area and a remaining 4,000 m2 for office accommodation. The centre is 98% let to a wide range of tenants including 50 local retailers as well as international brands such as C&A, Douglas, Apollo-Optik, Orsay, and Deichmann. Allee also offers parking facilities for 316 cars.

DWS, which is currently buying the 'Doppelturme' (Twin Towers) in Frankfurt am Main for EUR 600 mln, had bought Allee back in 1993 in partnership with RREEF.

The purchase is the second by Orion this year following the acquisition of a 50% stake in the Mongolfiera Molfetta shopping centre near Bari, southern Italy from Foruminvest for around EUR 60 mln. Freshfields Bruckhaus Deringer adviser the buyer. Clifford Chance acted for the vendor.