La Française Forum Real Estate Partners has joined forces with Aberdeen Asset Management to acquire two prime retail assets in Germany from Deutsche Asset & Wealth Management.
La Française Forum Real Estate Partners has joined forces with Aberdeen Asset Management to acquire two prime retail assets in Germany from Deutsche Asset & Wealth Management.
La Française, which is carrying out the acquisition for its PURetail fund, said the assets involve a mixed-use (retail and office) asset in Stuttgart and a core retail asset in Lübeck, Germany.
The investment volume came to a total of just under €80 mln.
Königstraße 19a in Stuttgart was bought for just under €56 mln from a syndicate of Irish investors managed by the Davy Group. The property comprises some 4,700 m2 and is leased to retail tenants New Yorker, Geox and Vodafone. The offices are occupied by the German regional administration, Land Baden-Württemberg.
The deal was brokered by Colliers. PURetail was advised by Hogan Lovells and Turner & Townsend.
In addition, the fund bought a retail asset in the Hanseatic city of Lübeck in northern Germany for €22.5 mln. Designed by architect Christoph Ingenhoven and completed in 2004, the building offers 6,500 m2 of floor space and is centrally located in the market square. The main tenant is Peek & Cloppenburg.
JLL advised the vendor. PURetail was advised by Hogan Lovells and Turner & Townsend.
'These two acquisitions enlarge our portfolio to 10 properties,' said Jens Göttler, managing director for Germany of LFF Real Estate Partners and asset manager of PURetail. The fund's portfolio is currently valued at €200 mln.