German fund manager Real IS has acquired the 'Shopping Cité' retail park in Baden-Baden, Germany for its Real IS Themenfonds Deutschland, paying an undisclosed sum.
The seller is TH Real Estate, acting on behalf of the pan-European Henderson European Retail Property Fund (Herald) retail fund.
The retail park, with an integrated shopping mall at ground level, covers a rental area of around 25,000 m2 and has 800 parking spaces. It is almost fully let.
'The Shopping Cité is an established, efficient and modern retail park with excellent transport connections in a catchment area with a high level of buying power and positive demographic development,' commented Georg Jewgrafow, CEO of Real IS. 'The property is ideally suited to the portfolio of the Themenfonds Deutschland, and it also displays promising optimisation potential.'
Built in 2006 on land formerly used for barracks of the French armed forces, the anchor tenants are Edeka, Media Markt, the Müller drugstore chain and H&M and its footfall is around 2.9 million customers per year. The asset also includes two parking rotundas on top of the building.
Real IS's Themenfonds Deutschland is a diversified real estate special alternative investment fund (AIF) investing in German properties in Core and Core+ segments. With a focus on office and retail properties, supplemented by residential, hotel and logistics real estate, the fund has so far invested in property in Cologne, Bonn and Munich.
