TIAA Henderson Real Estate (TH Real Estate) has purchased a supermarket in Weinheim, Germany.
TIAA Henderson Real Estate (TH Real Estate) has purchased a supermarket in Weinheim, Germany.
The property was acquired on behalf of TH Real Estate's German Retail Income Fund (GRIF) from a private investor advised by Hamburg-based asset manager CIT Europe. The purchase price was not disclosed.
Jones Lang LaSalle advised the seller.
The 10,500 m2 property was built in 2001 and is used by Marktkauf-Scheck-In-Center (EDEKA Group), with an additional area let to the fitness studio Clever fit. There are more than 440 parking spaces.
The purchase represents the 11th acquisition for GRIF which targets core retail property and local shopping centres across Germany.
Thilo Wagner, director of investment, Germany for TH Real Estate, said: 'The acquisition of Weinheim was a very attractive proposition for the Fund. It is ideally situated in close proximity to both Heidelberg and Mannheim which gives it an optimum catchment area. In addition, it has excellent transport links.'