German asset and investment manager KGAL has purchased the Ilmenau Center retail park in Lüneburg, Germany from a real estate fund of Credit Suisse Global Real Estate.
The deal volume for the fully leased asset, which has been acquired for a special AIF, was not disclosed.
'The Ilmenau Center is in a region that is strong on retail, and it represents an ideal addition to our real estate portfolio,' commented André Zücker, managing director for Real Estate at KGAL Investment Management.
The bulk of the 16,900 m2 Ilmenau Center is used as a DIY and garden store by anchor tenant Hornbach, and underwent an extensive conversion in 2014. The second part of the building comprises a flexible design and consists of six individual specialist shop units.
JLL brokered and advised on the transaction.
