Rockspring Property Investment Managers has completed the acquisition of Elisen retail park in the northeastern German city of Greifswald and a Real hypermarket in Frankfurt-Oder for a total of €64.5 mln.
Rockspring Property Investment Managers has completed the acquisition of Elisen retail park in the northeastern German city of Greifswald and a Real hypermarket in Frankfurt-Oder for a total of €64.5 mln.
The acquisitions bring Rockspring’s total investment in the German and Swiss retail warehouse market to €1.5 bn, the UK asset manager said.
'These transactions mark another major strategic investment in dominant retail warehouses, supported by increasing institutional appetite for investing in the east of the country,' said Stuart Reid, Rockspring's partner in charge of Germany.
Rockspring is currently raising capital for its TransEuropean VI fund which will pursue a similar investment strategy in Germany.
Elisen Park, a 43,500 m2 retail warehouse park, was acquired from asset manager A&M Captiva. Fully let to the Metro Group on a long lease, the asset is anchored by a Real hypermarket, a Media Markt electronics store and an Obi DIY unit and also boasts 1,800 parking spaces.
Frankfurt’s Real hypermarket has been acquired on behalf of Trans European V for €925 per m2, reflecting a net initial yield of 12.6%. Located on the German-Polish border, the asset is fully let to Real.
