The Highstreet investor consortium has completed the sale of three Karstadt department stores to German privately held property group ECE Projektmanagement for over EUR 50 mln.

The schemes - 100% let to German department store chain Karstadt - are located in the German cities of Nuremberg, Mainz and Leonberg and offer a total of 40,600 m2.

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

The deal will have a positive impact on Prelios Management's revenues and brings the total amount of sales carried out by Highstreet this year in Germany to 26 asets for a total of EUR 605 mln.

Goldman Sachs led the acquisition in 2006 of the KarstadtQuelle portfolio of 97 properties for EUR 3.7 bn.