CBRE Global Investors, the global real estate investment firm, has closed the acquisition of a retail warehouse scheme in Erding, near Munich, for its Pan European Core Fund (PEC) fund for €38 mln.
CBRE Global Investors, the global real estate investment firm, has closed the acquisition of a retail warehouse scheme in Erding, near Munich, for its Pan European Core Fund (PEC) fund for €38 mln.
The vendor was LHI, an operator of closed end funds in Germany.
The 16,665 m2 retail park, on Anton Huber Straße, Erding, is newly constructed and comprises a terrace of single floor retail units and a separate detached garden centre. The majority interest was purchased via the acquisition of shares in a Special purpose vehicle.
The purchase is PEC's third in Germany and its ninth asset overall.
The scheme is fully let on long term leases to retailers including Dehner, TK Maxx, C&A, Rossmann and Siemes Schuhcentre.
'Germany is one of the most liquid investment markets in Europe and is a key target for the fund,' said Richard Everett, fund manager for the PEC Fund.
Ulrich Oppermann, head of Transactions in Germany, added: 'With a strong initial yield and an attractive lease expiry profile, we’re confident this will be a sound investment for the PEC fund.'
