Luxembourg-based investor Corestate Capital has acquired 24 retail properties in Germany for €210 mln via individual transactions, and hired Philip La Pierre as new co-chief investment officer.
The properties, located in pedestrianised, shopping locations in medium-sized German cities including Dresden, Essen, Heilbronn and Kaiserslautern are being structured in a new portfolio.
Comprising a total of approximately 90,000 square meters, the properties are highly diversified in terms of location, building type and tenants. Anchor tenants include fashion retailers H&M and Snipes as well as drugstore chain Müller and supermarket chain REWE.
'We have an excellent expertise and a unique track record within the retail sector of Germany's B-cities,' commented Thomas Landschreiber, chief investment officer of Corestate. 'Our letting success increases the value of the portfolios. In addition, our strong performance is increasing Corestate's visibility among investors and within the industry.'
In addition, the business announced the appointment of Philip La Pierre (pictured) as co-chief investment officer as of 1 November 2017, reporting to Landscreiber.
La Pierre was most recently Head of the investment management Europe department at Union Investment Real Estate, which he joined in 2009 as head of investment & asset management for Germany. Prior to Union Investment, La Pierre was head of transactions Germany for ING Real Estate after a spell as an investment manager at Credit Suisse.
'To further enhance our longer-term growth, we continue to increase the depth and breadth of our team. The addition of Philip La Pierre, a highly-regarded, seasoned expert is very much in line with this strategy and we are thrilled that he is joining Corestate,' concluded Landscreiber.
