Barings Real Estate Advisers, part of global real estate investment manager Barings, has acquired a fully-let mixed-use property in Mannheim, Germany for €45 mln from an unnamed vendor.
The property has a total leasable area of around 14,500 m2 comprising around 9,000 m2 of retail and dedicated storage and some 5,500 m2 of office space across seven floors, as well as two underground floors with 138 parking spaces.
'Mannheim is a market with favourable dynamics due to a lack of high quality office and retail space. This acquisition demonstrates our continued commitment to grow our investments in the German real estate market,' commented Gunther Deutsch, head of transactions Europe at Barings Real Estate Advisers.
Situated in a key retail location, the asset's anchor tenant is German consumer and electronics chain, Saturn Electronic Market, which occupies three floors. The remaining four floors are occupied by eight office tenants.
'This asset is in a prime location within a thriving shopping destination and benefits from excellent connections for both customers and employees. We have identified a number of worthwhile asset management activities which offer the potential for value growth,' concluded Christoph Wittkop, managing director and country head, Germany.
