AEW, acting on behalf of a joint venture between two of its funds Actipierre Europe and Pierre Plus, has acquired the Aisch-Park-Center, a newly developed retail park, located in Nuremberg, Germany. The asset has been purchased from a joint venture between the Zauritz Group and the Klappan Group. The purchase price was not disclosed.
The fully let property is located in the metropolitan area of Nuremberg, Bavaria’s second largest city, and comprises a total lettable area of 21,500m² and 700 parking spaces. The main tenants include high-quality brands such as Rewe, H&M, Dehner, Netto and Woolworth. A total of 27 occupiers have committed to long term leases with an average length of over 10 years.
Matthieu Samaran, Investment Director at AEW, commented: “The Aisch-Park-Center is strategically positioned and benefits from an economically strong catchment area. Together with its modern layout and strong tenant mix, it will offer the convenient ‘one-stop shopping’ concept, which is becoming more and more important for consumers. We expect the compelling mix of retailers to attract a high level of footfall.”
