Real IS, the property arm of BayernLB, has acquired a newly-built local retail centre, located in the German town of Peissenberg, for the Real IS Regionalfonds Süddeutschland, the company’s regional investment fund for southern Germany.
Financial details were not disclosed.
The asset was acquired from the Küblböck group of companies. The recently built local retail centre is located on Hochreuther Strasse in Peissenberg and offers a total rental space of around 5,650 m2.
Construction of the building was completed in spring 2023. Anchor tenants of the property are the retailers Edeka and Lidl, as well as the Müller drugstore chain.
The property meets the German development bank’s ‘KfW energy efficiency standard 55EE’. Some of the power is supplied by three tenant-operated photovoltaic systems on the roof, which is also a green space. Additionally, a new residential area is currently being developed in the immediate vicinity of the property.
‘The local retail centre has a good mix of tenants and ideally complements the portfolio of our regional investment fund for southern Germany, the Regionalfonds Süddeutschland. The Peissenberg retail centre will supply the households of the neighbouring residential quarter and the surrounding area. It perfectly meets our long-term investment strategy,’ said Axel Schulz, global head of investment management at Real IS.
Blank Real Estate acted as real estate broker on the deal, and Kroll Reag provided technical advice. The Munich-based law firm Noerr was in charge of the legal aspects related to the transaction.
