Cordea Savills, the European property fund manager, has completed the acquisition of a city centre retail portfolio for a combined price of EUR 54 mln in Southern Germany. As reported in PropertyEU last week, the portfolio comprises six assets located in the mid-sized cities Giengen, Offenburg, Tuttlingen, Weinstadt and Plochingen. Occupancy is in excess of 98% and the major tenants are high quality retailer and supermarkets - Rewe, Müller Drogerie, Handelshof and Edeka.
Cordea Savills, the European property fund manager, has completed the acquisition of a city centre retail portfolio for a combined price of EUR 54 mln in Southern Germany. As reported in PropertyEU last week, the portfolio comprises six assets located in the mid-sized cities Giengen, Offenburg, Tuttlingen, Weinstadt and Plochingen. Occupancy is in excess of 98% and the major tenants are high quality retailer and supermarkets - Rewe, Müller Drogerie, Handelshof and Edeka.
Berith Kübler, director of Fund Management, commented: 'We particularly favour the retail sector in Germany, especially shopping centres, retail warehouses and city centre retail. We expect these types of assets to perform well over the coming years, in part due to a lack of supply of good quality stock and also because Baden Wuerttemberg is economically strong.' Over the last nine months Cordea Savills has acquired about EUR 280 mln of assets in Germany on behalf of clients and funds.
