German investment manager KGAL has increased the value of its Austrian Retail Park Portfolio (ARPP) fund to over €1 bn with the acquisition of a centre in the southeast of the country.
German investment manager KGAL has increased the value of its Austrian Retail Park Portfolio (ARPP) fund to over €1 bn with the acquisition of a centre in the southeast of the country.
The eo Oberwart shopping centre is located in the town of Oberwart in the south of Burgenland. The sellers are Christian Harisch and Stefan Rutter, who each hold a 50% stake in the Rutter Immobilien Group. They will retain a stake of 10% in the building over the long term.
The two-storey centre was built in 2009 and the rental area encompasses 26,000 m2 of fully leased space. KGAL said the centre offers a one-stop shopping experience with a wide range of merchandise and services as well as 750 parking spaces. The 55 tenants include C&A, Media Markt, Muller, H&M, Adler and Austrian brand Kastner & Ohler Warenhaus.
Since December 2012, KGAL has invested in four shopping centres and retail parks in Austria, increasing the portfolio volume there to €1.1 bn. 'KGAL has a long-standing presence and good network in Austria. As a result, we are continually able to identify interesting buildings. The limited market offer is nevertheless a challenge,' said Andre Zucker, head of real estate at KGAL.
