CBRE Global Investors has completed the acquisition of a hypermarket in Düsseldorf, Germany, for more than €25 million on behalf of its Pan European Core Fund (“PEC”).
Let to the established hypermarket operator Real, the building consists of 12,500 m² of retail space, 95% of which is secured against Real. The acquisition is the PEC fund’s tenth asset and its fourth in Germany.
Richard Everett, fund manager for PEC, said: “We’re delighted to strengthen our position in Germany through what is a sound investment. The hypermarket provides exposure to a fully-leased, low risk asset within one of Europe’s most liquid investment markets.”
Ulrich Oppermann, head of transactions, Germany, added: “Düsseldorf is one of the country’s ‘top five’ cities and the state capital of North Rhine-Westphalia. The hypermarket is the only one within a 3km radius of Düsseldorf city center, and land-use restrictions means competition will remain restricted, adding to the attractiveness of this investment.”
Located 1km to the south of the city centre, the hypermarket has excellent transport links with a tram station, a metro station and a regional railway station all alongside the building.
Commenting on the sale, Tony Quayle, Managing Director of Edinburgh House said: “We are delighted with the sale, having successfully concluded our asset management strategy. Through Estama’s focussed marketing very strong interest was received, underlining the great demand we are seeing for good assets in Germany at present.”
CBRE Global Investors was advised by CBRE and Ashurst LLP. Edinburgh House Lippe GmbH, was advised by Estama. The acquisition will be financed by SEB AG Commercial Real Estate, Frankfurt
Source: Citigate Dewe Rogerson