Redos Group, a Hamburg-based asset and investment manager, has acquired 13 retail properties in Germany in the last five months for a total of €200 mln.
The properties were purchased by the Redos Institutional subsidiary for the institutional real estate fund 'Redos Einzelhandel Deutschland'. The fund was initiated by Redos Institutional and Union Investment, which provides capital management services.
The assets acquired include retail parks, food stores and DIY stores located in North Rhine-Westphalia, Bavaria, Baden-Württemberg, Schleswig-Holstein, Saxony and Saarland. The tenants include Rewe, Edeka, Aldi, Obi and Hornbach.
The fund also acquired the 60,000 m2 'Coral' portfolio, comprising of five Kaufland stores in Saarland, Rhineland-Palatinate and Saxony-Anhalt. The portfolio was sold by two real estate funds managed by Blackstone.
So far Redos has invested €520 mln of the fund's target volume of €700 mln, with a further €50 mln of transactions expected to close soon. 'We continue to acquire individual properties or portfolios with a volume between €5 mln and €25 mln in the core and core-plus segment,' said Torsten Wesch, managing director of Redos Institutional.
