German retail specialist GPEP has acquired a self-service department store in southern Germany in a joint venture with Universal-Investment.
The store in Neustadt an der Aisch was acquired for an institutional investor from a private proprietor. The parties agreed not to disclose the purchase price.
The 18,000 m2 building is leased to Kaufland Warenhandel GmbH on a medium-term lease and is described by the buyers as a 'retail property of transregional significance... in a commercial area with no comparable competitors'.
'Given the restrictive building laws of Bavaria, the creation of new retail space is well nigh impossible from today’s perspective. The growing value and sustainability of existing retail permits make this property a solid investment,' said Herwart Reip, Managing Director of GPEP.
