CBREGI has completed the acquisition of a hypermarket in Düsseldorf on behalf of its Pan European Core Fund (PEC).
CBREGI has completed the acquisition of a hypermarket in Düsseldorf on behalf of its Pan European Core Fund (PEC).
The global investment manager purchased the asset from London-based Edinburgh House Estates for €25 mln.
The building consists of 12,500 m2 of retail space, 95% of which is leased to supermarket group Real. The acquisition is the PEC fund’s 10th asset and its fourth in Germany.
CBRE Global Investors was advised by CBRE and Ashurst. Edinburgh House Lippe was advised by Estama. The acquisition will be financed by Frankfurt-based SEB AG Commercial Real Estate.
Ulrich Oppermann, head of transactions for Germany, added: 'Düsseldorf is one of the country’s top five cities and the state capital of North Rhine-Westphalia. The hypermarket is the only one within a 3 km radius of Düsseldorf city centre, and land use restrictions means competition will remain restricted, adding to the attractiveness of this investment.'
