AEW Europe sells Benediktinnerring mall

AEW Europe's EPI Oakwood subsidiary has sold the Benediktinnerring shopping centre in Villingen-Schwenningen, in Germany's Black Forest to the German clothing retailer Modepark Röther. The companies agreed not to disclose the purchase price. Kemper's Jones Lang LaSalle advised on the transaction.

The shopping centre, located on the edge of Villingen's old town, provides around 16,500 m² of leasable area across two floors. The complex comprises 10,000 m² of retail space, around 3,000 m² of office accomodation as well as 2,350 m² of residential space and 600 parking spaces.

Modepark Röther intends to renovate the property, starting in February, with completion of the building expected before the end of 2010. Frankfurt-based PBG managed the sale process.

'The acquisition of the property by Modepark Röther represents an important sign of increased attractiveness for the shopping village of Villingen-Schwenningen,' said Stefan Weiß, managing director of retail at Kemper's JLL Stuttgart office.

The Benediktinnering transaction is the latest acquisition in the German retail property market this week. Munich-based investor SHB Innovative Fondskonzepte has also invested in German retail with the purchase of a portfolio consisting of five supermarkets for around EUR 30 mln. The properties, with a total of 14,000 m2, are located in Southern Germany, in the regions of Baden-Württemberg and Bayern. They are earmarked for the group's Fonds Fürstenfeldbruck and München vehicles.

Similarly, Dietz-Gruppe has bought a mixed-use property in the inner city of Frankfurt from Orco Projektentwicklung. The asset consists of 9,000 m² of retail and office space. The office part is leased to the State of Hesse, while the retail section will be renovated over the next months.