Fund manager Cordea Savills has acquired five out-of-town retail warehouse assets on behalf of its German Retail vehicle. Four of the properties, bought as a portfolio, are located in Bavaria and Rhineland-Palatinate. The fund is also taking ownership of a larger retail park near Dortmund.
Fund manager Cordea Savills has acquired five out-of-town retail warehouse assets on behalf of its German Retail vehicle. Four of the properties, bought as a portfolio, are located in Bavaria and Rhineland-Palatinate. The fund is also taking ownership of a larger retail park near Dortmund.
The portfolio was acquired for EUR 17.2 mln and the Dortmund asset for EUR 9.8 mln. The retail warehouse portfolio has a gross lettable area of 12,000 m2, and is leased to well-known retailers such as Edeka, Netto, dm Drogeriemarkt, Takko and Rossmann.
The retail park near Dortmund is part of a larger, well-established retail agglomeration in a good location in Castrop-Rauxel, and was built in 2004. The property is 10,000 m2, with 380 parking spaces. Tenants include Media Markt, Tedox and Dänisches Bettenlager.
The acquisitions bring the number of assets in the Cordea Savills German Retail Fund to 28. The fund, which offers institutional investors access to a diversified portfolio of retail assets in Germany, is domiciled in Luxembourg.
Cordea Savills is an international property fund manager with offices in London, Milan, Munich, Stockholm, Luxembourg, Paris and Singapore. At end-December 2010, Cordea Savills managed £2.8 bn (EUR 3.3 bn) of assets.
