Real estate fund manager GRR Group has acquired a Real-branded hypermarket in Cuxhaven, a town in the German state of Lower Saxony, for €23.6 mln.
The purchase of the 13,000 m2 asset represents GRR's largest ever real estate acquisition.
In July, GRR bought the SIM retail mall in Zirndorf for €23 mln and said that further, large purchases were in the pipeline.
Ancilliary tenants include Reno, McDonalds, O2, Reiseland, a bakery and a pharmacy.
The asset is destined for GRR's German retail fund no. 2, an open-ended special alternative investment fund (AIF) which focuses on the basic retail segment, prioritising assets with big-name anchor tenants, long leases and stable cash flows.
The transaction was brokered by JLL in Hamburg. The buyer was advised by CMS Hasche Sigle and Schuster Real Estate Consultants.
