Redevco has acquired a portfolio of two retail parks and a big-box retail property in Germany for €160 mln.
The pan-European real estate investment manager carried out the transaction on behalf of its clients.
The 63,500 m2 portfolio in the latest deal comprises the A2 Centre retail park in Hanover, a retail park in Gründau-Lieblos and a big-box retail property in Berlin. The vendor was Chemnitz-based Krieger Bau Group. Redevco was assisted by SQM Property Consulting and Clifford Chance in the transaction, which is still subject to antitrust clearance.
'The properties are excellently located and are home to strongly performing retailers, which makes this a solid, long-term investment. At the same time, we see possibilities to enhance and add value through active asset management and letting optimisation. We will continue to look out for more of these types of retail properties,' said Redevco CEO Andrew Vaughan.
The flagship asset of the deal is the A2 Centre in Hanover, a 35,000 m2 hybrid retail park, with 2,000 parking spaces, adjacent to the A2 motorway. The centre features 32 tenants including C&A, Deichmann, Esprit, Reno, Saturn and a Real hypermarket.
The second retail park is located in Gründau-Lieblos near Hanau amd close to Frankfurt. The asset comprises five fully let units with over 21,000 m2 as well as 600 parking spaces. Home improvement store Bauhaus and electronics retailer Media Markt are the anchor tenants.
The Berlin addition to the portfolio, which is to be managed by Redevco, has a gross lettable area of 6,900 m2. The anchor tenant, Media Markt, occupies 4,200 m2 of the space. The two upper floors are let to fitness club chain Crunch Fit. The property is located in the Wedding district of Berlin and provides 1,000 parking spaces in front of the building and in the nearby parking garage.
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