CMC Capital, a Cork-based company that specialises in investing in German commercial property, has bought a major Berlin shopping centre for more than €100 million.

CMC said yesterday it had at last closed the purchase of the Schloss Strassen Centre on a prime Berlin shopping street after agreeing the purchase price in September 2006 when the property was still under construction.

Derry Crowley, director of CMC, said that in the intervening period there had been solid appreciation in the market and as a result he believes the group has secured a "great deal".

"The closure of this transaction is the culmination of months of negotiations with the vendors in Germany, but it has been well worth the wait to secure such a prestigious property in Berlin's prime shopping area," he said, adding that property on this street rarely comes to market.

The Schloss Strassen Centre, which is located on the second-busiest shopping street in Berlin, with an hourly footfall reaching more than 4,000 shoppers, opened for business in April. It has more than 16,000sq m of space spread over three floors and is home to well-known retailers such as Zara, Vodafone and Rewe, a major German supermarket chain.

Most of the tenants are on 10-year leases that provide for inflation-linked rental increases, with some providing for additional rental income based on turnover achieved.

As well as being located adjacent to an underground railway station, the shopping centre also has 365 car parking spaces.

CMC Capital, which is associated with Crowley & McCarthy Chartered Accountants, has more than €500 million under management.