German fund manager GLL Real Estate Partners has bought a portfolio of eight German retail warehouses from European real estate fund manager Aerium for an undisclosed amount.

German fund manager GLL Real Estate Partners has bought a portfolio of eight German retail warehouses from European real estate fund manager Aerium for an undisclosed amount.

Aerium will continue to manage the portfolio, which includes existing assets with a leasable area of over 114,000 m2 as well as land plots totalling 365,000 m2.

The majority of the assets are located in Eastern Germany with one asset situated in West Germany. They were all built in the 1990s.

Prior to the sale, Aerium secured over €48.5 mln of new rental income on the assets and lifted the portfolio's weighted average lease length from under seven years to 12.5 years.

'The sale of this portfolio is the culmination of an intense period of asset management activity to maximise the latent value of this collection of retail warehouses,' commented Steven Broch, fund manager Germany, Ærium. 'This is a textbook value-add deal which we will continue to pursue in Germany.'

Steven Broch acted for Aerium and Stephan Wollersheim acted for GLL Real Estate Partners.