HIH Invest Real Estate has added a retail park in Germany to its local retail fund.

The manager said it has bought the retail park in Küps in northern Bavaria on behalf of its Perspektive Einzelhandel: Fokus Nahversorgung fund for an undisclosed amount.

The asset, with over 4,224sqm of retail area, was acquired via an asset deal with a private investor, HIH Invest said. 

The fully-let asset has supermarket chain REWE as its anchor tenant.

Jens Nagelsmeier, the head of transaction management retail and healthcare, said: “The cash flow is secured by the fast-selling blue-chip anchor tenant REWE with its long-term lease of 15 years-plus renewal option. Grocery retailing, being an essential business, generates 90% of the neighbourhood retail centre’s annual rent revenues.

”Both the rent analysis and sales analysis return sustainable and market-consistent values when compared to relevant benchmarks, and thus suggest a positive, profitable performance of this property.”

With the latest acquisition, the total amount invested in the Perspektive Einzelhandel: Fokus Nahversorgung fund now exceeds €400m, comprising 21 assets, the manager said.

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