Redevco’s European retail parks fund has acquired the Elisen Park Greifswald shopping centre in northeastern Germany from Patrizia for €75m, marking the fund’s third asset in the country.
Redevco European Retail Parks (RERP) has acquired the asset located in Mecklenburg-Vorpommern which is 90% let to more than 40 tenants.
The acquisition brings RERP’s deployed capital to roughly 80% across a 14-asset European portfolio.
Markus Haimerl, director transactions at Redevco, said: “Germany is a key market for RERP and our retail warehouse park strategy more broadly. This acquisition not only increases the WAULT of the fund’s portfolio but also its exposure to the stable and mature German market.
“It is not every day we add an asset of this size, importance and potential. We look forward to leveraging our active asset management expertise to create value for customers, tenants and our investors alike.”
Israel Casanova, investment director of RERP, said: “The asset benefits from a strong presence of convenience and essential retail operators, providing a resilient and defensive income profile supported by recurring customer footfall. Likewise, we are very happy with the successful capital deployment of the fund.”
Daniel Dreyer, head of investment management transactions DACH at Patrizia, said: “This sale is not an isolated transaction, but marks the successful completion of a long-term investment strategy.
“Our asset management team strategically transitioned the property’s leasing structure from a master lease model to individual leases with an attractive and diversified tenant mix, sustainably enhancing its cash flow profile. In doing so, we were able to create additional value for our investors and deliver an attractive result upon exit.”
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