Warburg-HIH Invest Real Estate has bought a grocery store on behalf of its open-ended German grocery retail property fund.
The manager, on behalf of the Warburg-HIH Perspektive Einzelhandel Fokus Nahversorgung fund, has paid an undisclosed amount to buy the single tenant property in Eckersdorf near Bayreuth from Admira Handelsimmobilien.
The property has a gross lettable area of around 3,000sqm and 95 car parking spots. The Edeka grocery chain signed a lease for a 16-year term including renewal options.
Jens Nagelsmeier, the head of retail transaction management at Warburg-HIH Invest, said: “The asset in Eckersdorf, with Edeka as its high-net-worth tenant and with its modern infrastructure in a growing community, will provide a stable cashflow for the long term while being exposed to minimal risk only.”
With the latest acquisition, the fund now has 18 assets in its portfolio. The grocery retail property fund focuses on real estate in economically stable German locations priced between €10m and €40m per asset.
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