German investor ILG Fonds said that it has acquired the Landshut Park retail property in the German region of Bayern from Dutch real estate developer Ten Brinke Projectontwikkeling. The transaction amounts to a total of EUR 65 mln, of which EUR 42 mln of equity.

German investor ILG Fonds said that it has acquired the Landshut Park retail property in the German region of Bayern from Dutch real estate developer Ten Brinke Projectontwikkeling. The transaction amounts to a total of EUR 65 mln, of which EUR 42 mln of equity.

Located near the Munich airport, the property is earmarked for an ILG investment vehicle, ILG Fonds 36. The newly-built asset offers 65,000 m2 of total space and 23,000 m2 of leasable area leased to a number of tenants including Kaufland, Saturn-Hansa, Aldi and C&A. The building generates EUR 3.76 mln of annual rental income, reflecting a yield of 8.23%, the company said.

Munich-based ILG said that it plans to expand the asset by a further 13,000 m2 in the future to take advantage of future retail growth in the area, which has recently seen the opening of a Dehner gardenstore of 4,000 m2 and a McDonalds.