Rockspring Property Investment Managers has acquired an Obi DIY store in Sinzheim near Baden-Baden, southwest Germany, from a private investor for €16 mln.
Rockspring Property Investment Managers has acquired an Obi DIY store in Sinzheim near Baden-Baden, southwest Germany, from a private investor for €16 mln.
The deal was made on behalf of a Rockspring-managed fund.
The property totalling 9,500 m2 was constructed in 2000 and was recently refurbished. It is located within Baden-Baden’s principal out-of-town retail destination, comprising 70,000 m2 of retail space, including a large Real hypermarket already owned by a Rockspring-managed fund, fashion chain Takko, German shoe retailer Reno and an Aldi store.
The acquisition follows on from Rockspring's recent €150 mln purchase of a portfolio of nine Obi stores in Germany including the 20,000 m2 Obi flagship store in Berlin-Zehlendorf.
'The successful acquisition of this additional Obi store in Sinzheim adds to our exposure in this thriving retail location whilst also increasing our exposure to dominant Obi DIY units in strong catchment areas,' said Ulf Christiansen, head of acquisitions at Rockspring in Germany.
The purchase adds to Rockspring’s €2 bn of assets under management in the retail sector in Germany and Switzerland.
Blank Real Estate advised on the transaction.
