German independent retail specialist Redos Group has joined forces with Union Investment Real Estate to launch a new special AIF investment fund with a target volume of €600 mln.
The vehicle, Redos Einzelhandel Deutschland II, has already acquired the so-called Bordeaux portfolio of 10 retail parks located in western Germany from Invesco Real Estate for AEW Ciloger. Financial details were not disclosed.
The package provides around 101,000 m2 of total rentable area with an occupancy rate of 98%. The properties are located in towns and cities such as Hanau, Kehl, Mülheim an der Ruhr and Mannheim. Tenants include Kaufland, Edeka, real and Rewe.
Union Investment Real Estate is in charge of fundraising and will handle the administration of the fund under a third-party AIFM mandate. Redos is responsible for und, asset and transaction management.
'With Bordeaux we have secured an outstanding starting portfolio for our new special AIF,' said Torsten C. Wesch, managing director and head of Fund Management at Redos. 'Such quality is rare on the market today. Naturally, we are all the more pleased that in these highly competitive times we were successful among a large field of bidders.'
Redos was advised by law firm Noerr on the acquisition. JLL and Clifford Chance acted for the vendor.
