Redos Group’s second German retail real estate fund has invested €110m to buy a portfolio of six properties from Edeka Handelsgesellschaft Rhein-Ruhr.
Redos said the Redos Einzelhandel Deutschland II fund – managed in partnership with Union Investment – has added the properties located in the northwest German state of North Rhine-Westphalia.
The last of the three properties currently under construction is expected to be completed by the end of 2021. All six of the properties are already fully leased out.
Frank Eckervogt, managing director and head of acquisition at Redos, said: “With this acquisition transaction, we are once again adding prime retail property assets to our fund portfolio.”
“Each of the individual properties offers an excellent location with a modern concept, thus providing the foundations for sustained long-term value growth based upon dependable retail traffic and reliable cash flows.”