TH Real Estate buys retail park for German core fund

TH Real Estate has acquired a retail warehouse park in the German city of Ludwigshafen on behalf of its Core German Retail Fund.

The retail asset, which serves the Rhine-Neckar metro region, was sold by developer INWO Bau.

Bilfinger Real Estate will manage the property.

TH Real Estate launched the €400m Core German Retail Fund in 2014, structured as a Spezialfonds for German institutions. It invests in retail warehouse parks, superstores, hybrid malls and high street shopping centres.

The retail warehouse park, which opened for business in April, brings the fund’s assets to six.

Thilo Wagner, director of investment for Germany at TH Real Estate, said: “This asset is a complementary addition to the existing fund portfolio, with sound fundamentals and strong tenant base.”

The asset has a gross lettable area of 12,300sqm spread across two buildings with nearly 400 parking spaces. It is anchored by food retailer REWE.