Nuremberg-based retail property investor GRR Group has acquired 10 food discount stores located across Germany for €26 mln.
The newly built stores are operated by Netto Markt-Discount, a subsidiary of German retail group Edeka. Located across seven federal states, the portfolio has a rentable area of 14,000 m2 on a total combined area of 52,000 m2.
GRR purchased the portfolio on behalf of its GRR Retail Fund 2 from Ratisbona, a grocery store developer based in the German university city of Regensburg.
Following the earlier acquisition of two large retail assets for €50 mln on behalf of the fund, the new portfolio 'ensures the broad diversification in the portfolio', GRR said.
GRR focuses on acquiring specialist retail centres, hypermarkets and small-scale retail properties and portfolios in the food sector and on increasing value by expansion and refurbishment. Transactions range from €2 mln to €30 mln.
