GRR Real Estate Management has purchased two retail centres in the north-western German region of Lower Saxony for €8.8 mln.
GRR Real Estate Management has purchased two retail centres in the north-western German region of Lower Saxony for €8.8 mln.
The two properties in Harsum and Nordstemmen, near Hildesheim, were both acquired from German Retail II for the GRR German Retail Fund No. 1.
The centre in Harsum, bought for €3.8 mln, has around 4,100 m2 of lettable space, with REWE as anchor tenant and an average unexpired term of 13 years.
The shopping centre in Nordstemmen has a lettable area of 2,875 m2, also anchored by REWE, and 200 customer parking spaces. It was acquired for a purchase price of €5 mln.
Angermann Goddard & Loyd, London, acted for the vendor.
GRR's German Retail Fund No. 1 is a fund concentrated on basic retail, consisting of properties of up to €15 mln, and is expected to grow to a total value of around €300 mln in 2015.