​Corestate Capital invests €125m in German retail property

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Corestate Capital has invested €125m ($134m) in Germany’s retail property sector.

The Switzerland-based investment manager bought a portfolio of regional assets in the country’s mid-sized cities.

The portfolio of 20 single assets is in prime locations in pedestrian zones of Bremen, Düren and Flensburg.

Tenants of the 56,000sqm portfolio include C&A, H&M, REWE and Saturn.

Sascha Wilhelm, chief executive at Corestate, said the portfolio was a stable investment opportunity for the company’s investors, who expect a regular, distributable cash-flow.

“We are able to achieve attractive risk-adjusted returns, especially in comparison to similar investments within Germany’s ‘Big Seven’ cities,” Wilhelm said. 

“We see high potential in this market and will continue to pursue this strategy.”

Corestate recently dropped its plans to list in Germany. 

The company cancelled its initial public offering due to a difficult environment for IPOs in the country’s stock market. 

At present, its two largest shareholders are co-founder Ralph Winter, with 64.2%, and Swiss company Intershop, with 28.1%. 

Wilhelm said the market environment for small and mid-cap IPOs had “deteriorated considerably”.

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