Asset manager Catella Real Estate Germany has acquired a mixed-use site in Augsburg for its open-ended public fund KCD-Catella Nachhaltigkeit Immobilien Deutschland from special fund Fle Sicav Fis, managed by Austria's Fle.
Financial details were not disclosed, however Catella revealed that the acquisition brings the fund's volume to around €180 mln across eight assets. It is targeting a total size of €300 mln.
The property at Franz-Kobinger-Strasse 5-11a and Färberstrasse 2,4 in Augsburg is a mixed-use precinct on a plot of land of around 11,000 m2.
Built in 1992, the Pfersee-park has a rental area of around 16,000 m2 and some 50 tenants, including an Edeka supermarket, various doctors' surgeries, a pharmacy, a fitness studio, two restaurants and a primary school run by the Protestant Church.
In addition, there are eight residential units in the property and 210 parking spaces.
Thomas Kübler, portfolio manager of the KCD-Catella Nachhaltigkeit fund said: 'The purchase of the Pfersee-park fits perfectly into the profile of the fund and further implements the fund strategy of investing in established locations and regional investment centres.
'The sectoral allocation within the portfolio will be further diversified through the main types of use - food retail, office and medical practice. Due to full occupancy at a moderate rent level and a broad tenant mix, the fund generates a sustainable stable cash flow.'
Colliers International Deutschland brokered the transaction. The due diligence on the buyer's side was carried out by DLA Piper (legal and tax) as well as Arcadis Germany (technical) and L+P Technical Advisory (underground parking).
The seller was advised by GSK Stockmann (legal and tax).
