European owner-managed fund manager Internos Global Investors has acquired a retail property in Aschaffenburg, northern Bavaria, for its ShoppingCenterD fund.
The vendor is retail specialist Redevco. The parties have agreed to keep the purchase price confidential.
The free-standing, four-storey building provides a total lettable area of around 5,800 m2. The asset is linked by a shared entrance to the adjoining City Galerie Aschaffenburg, which also belongs to the ShoppingCenterD fund portfolio. It is fully let on a long lease to clothing retailer C&A Mode.
The ShoppingCenterD fund, launched in 2005, invests in high-quality German retail property with good income and potential to enhance value. The portfolio currently comprises five properties, with a total value of around €350 mln. The fund has an unlimited duration.
Lawyers Reed Smith provided legal advice to the purchaser. CBRE Preuss Valteq carried out the technical due diligence. CBRE acted as consultant and broker for the vendor.
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PropertyEU Briefings at Mapic 2017
Redevco Stand (P-1.M51)
Consumer, Retail & Investment Trends
15 November, 1500-16.00
Retail Innovation & Technology
(16 November, 10.30-11.30)
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