La Française Forum, Aberdeen acquire German retail property assets
An Aberdeen and La Française Forum Real Estate Partners retail joint venture has acquired two assets in Germany.
A mixed office and retail asset in Stuttgart and a core retail asset in Lübeck were bought for the jointly managed Pan European Retail (PURetail) fund for €78.5m.
The assets, sold by Irish investors through the Davy Group and Deutsche Asset & Wealth Management, increase the fund’s portfolio to more than €200m.
The fund bought a 4,700 sqm mixed-use property in Stuttgart’s Königstrasse for just under €56m from a syndicate of Irish investors managed by the Davy Group.
A prime, 6,500 sqm retail asset in Lübeck was bought for around €22.5m.
Ross Braithwaite, fund manager of the PURetail Fund at Aberdeen Asset Management, said the investments fit “very well” with the strategy of the fund, focused on high-quality assets in strong retailing locations.
“The fund offers institutional investors the opportunity to invest in inner-city retail properties in France, Germany and Sweden, which can be harder to source,” he said.
PURetail, which closed in July last year, has so far been backed with €160m from five institutional investors.
La Française Forum inherited the fund following its takeover of its previous manager, Cushman & Wakefield Investors (CWI), last year.