Pan-European investment manager Corestate Capital has closed its High Street VII club deal with an investment volume of €212 mln.
High Street VII encompasses a portfolio of 24 retail assets with 100,000 m2 of total GLA across 17 mid-sized German cities. The anchor tenants of the assets include dm, Müller, New Yorker and Rewe.
'Our High Street programme line offers an attractive alternative to the prevalent investment vehicles focused on A-cities,' said Thomas Landschreiber, CIO and co-founder of Corestate.
'Our investors are still convinced of the success of retail assets in pedestrian zones of German mid-sized and prosperous cities. We will continue to pursue this approach while additionally diversifying our product range in the retail sector with further investment programmes.'
Corestate said it had concluded the placing of the equity with the acquisition of a property in the pedestrian zone of Cloppenburg in northern Germany.
The successor programme, High Street VIII, was launched in April 2018 and is already invested in assets in Rostock and Sindelfingen. The investment manager said that the target investment volume would be €250 mln. Overall, retail assets with a value of over €2 bn have been placed in the High Street programme line.
