Hamburg-headquartered retail property investor Redos has acquired a shopping centre in the central German state of Thuringia from Unibail-Rodamco-Westfield (URW).
The retail asset, Gera Arcaden, is situated in Gera, the third largest city in Thuringia. It was sold for €116 mln, a premium to the last appraised value, according to URW.
Gera Arcaden is an 38,300 m2 shopping centre, including 7,500 m2 of offices. Its 90 stores are operated by tenants across the retail, leisure and F&B segments, and it also has a gym. Anchor tenants include Kaufland, dm, euronics, TK Maxx as well as H&M, C&A and Mein Fischer.
Said Frank Eckervogt, managing director transactions at Redos: 'The purchase of the Gera Arcaden for our fund Redos Retail Germany III is a perfect transaction for both contracting parties.
'The property is excellently positioned and offers good future prospects in an attractive location. It fits in perfectly with our high-yield fund portfolio and can be taken over immediately without any further effort.'
URW also entered into a management contract and will continue the asset and property management of the centre through its German third-party asset management business.
The transaction is expected to complete in Q2-2022, subject to standard closing conditions.
