Cordea Savills has completed the acquisition of a city center retail portfolio for a combined price of €54 million in Baden-Wuerttemberg in Southern Germany.
The portfolio comprises six assets located in mid-sized cities such as Giengen, Offenburg, Tuttlingen, Weinstadt and Plochingen. Occupancy is in excess of 98% and the major tenants are high quality retailer and supermarkets - Rewe, Müller Drogerie, Handelshof and Edeka.
Berith Kübler, Director of Fund Management, says, "We particularly favour the retail sector in Germany, especially shopping centers, retail warehouses and city center retail. We expect these types of assets to perform well over the coming years, in part due to a lack of supply of good quality stock and also because Baden Wuerttemberg is economically strong."
Over the last nine months Cordea Savills has acquired c. €280 million of assets in Germany on behalf of clients and funds.
Source: Citigate Dewe Rogerson