Strategic Value Partners and 4FI Acquire Havelpark Dallgow Retail Center From Redevco
Funds managed by Strategic Value Partners, together with 4 Friends Investment (4FI), have acquired the Havelpark Dallgow hybrid shopping center in Dallgow-Döberitz, Brandenburg, from Redevco, JLL announced on Nov. 3, 2026. The property sits west of Berlin and comprises roughly 100 shops.
Redevco, a privately held, pan-European real estate manager, was the seller. JLL advised the seller and brokered the transaction. Hines advised the seller as investment manager, while Redevco acted as asset and transaction manager.
Havelpark Dallgow Property Details
Havelpark Dallgow opened in 1995 and offers about 55,000 square meters (roughly 592,000 square feet) of leasable area. More than 100 specialty shops, stores and specialist retailers operate at the center. Anchor tenants include Kaufland, Medimax, Pflanzen Kölle and TK Maxx.
The center is approximately 92% leased. It was redeveloped, modernized and realigned between 2016 and 2019. Given its regional importance and large catchment area, the center draws about 4 million visitors annually.
Advisers on the Transaction
Reius provided legal advice and Drees & Sommer provided technical advice on the deal. JLL advised the seller and brokered the transaction.
Market Context for German Retail Investment
The sale comes as German retail investment remains selective. CBRE reported approximately €2.5 billion of German retail transactions in the first three quarters of 2026, down 35% from a year earlier. Prime yields for shopping centers rose slightly to 6.0%, while shopping centers in secondary locations remained at about 7.75%.
Separate market data show German retail investment fell 35% year over year to €1.9 billion in the first half of 2026, with interest rates cited as the largest concern by 70% of surveyed investors. Retail parks and food-retail properties made up 49% of German retail-property investment in 2025 and 44% in the first half of 2026. Among investors planning acquisitions, 88% favored retail parks and local shopping centers, and 75% favored supermarkets and food discounters.
In the first quarter of 2026, German retail investment totaled €1.1 billion, down 13% year over year, with shopping centers accounting for 22% of that volume. Indicative prime yields were about 5.9% for shopping centers in prime locations, 4.6% for food markets and 4.9% for retail parks.
Buyer Profile and Property Positioning
Havelpark Dallgow is located outside Berlin's core retail districts but combines grocery anchoring, a regional catchment, substantial daily-needs retail and an established customer base, features that investors have been favoring. Investors have increasingly targeted assets where leasing, tenant mix or physical improvements can create value over a four- to seven-year business plan.
Strategic Value Partners is known for pursuing complex or under-managed real estate situations, while 4FI contributes local investment and asset-management capabilities. At 92% occupancy, the center has roughly 4,400 square meters of vacant space, or about 47,000 square feet, if calculated against the stated leasable area. Its 2016-2019 modernization reduces the need for a ground-up repositioning.
Sources
JLL press release, Nov. 3, 2026: https://www.jll.com/de-de/newsroom/redevco-verkauft-den-havelpark-dallgow-an-strategic-value-partners-und-4fi