RREEF invests EUR 70m in two UK retail property assets

RREEF Real Estate has acquired two retail properties in Liverpool and Cardiff for a total of £55.5 mln (EUR 70 mln) on behalf of two German institutional clients.

In Liverpool, RREEF purchased 9-15 Church Street for £29.75 mln. The property comprises 6,130 m² of retail space, let to H&M, Boots and Cash Generator. The Cardiff property at 80/88 Queen Street comprises 8,825 m² of space which is fully let to fashion retailer Next. RREEF paid £25.8 mln.

'We are beginning to find value in the major retailing centres in the UK,' said James Petit, head of UK and Ireland for RREEF Real Estate. 'The quality of these properties makes them strong investments for our German clients who are looking for stable assets with a long-term income stream.'

RREEF Real Estate, the real estate investment management business of Deutsche Bank’s Asset Management division, has acquired £1.3 bn in property across the UK in the last 12 months on behalf of its global clients.