Cordea Savills has acquired, on behalf of its German Retail Fund, five out-of-town retail warehouse assets as a portfolio, located in Bavaria and Rhineland-Palatinate, as well as a larger retail park near Dortmund. The portfolio was acquired for 17.2 million and the Dortmund asset for 9.8 million.
The retail warehouse portfolio has a gross lettable area of ca. 12,000 m², and is leased to well-known retailers such as Edeka, Netto, dm Drogeriemarkt, Takko and Rossmann.
The retail park near Dortmund is part of a larger, well-established retail agglomeration in a good location in Castrop-Rauxel, and was built in 2004. The property is ca. 10,000 m², with 380 parking spaces. Tenants include Media Markt, Tedox and Dänisches Bettenlager.
"All of the properties are fully let to tenants with strong covenants and generate a high level of income. They also offer asset management potential, providing an excellent fit with the strategy of the Cordea Savills German Retail Fund," said Christian Härtl, Director at Cordea Savills.
The acquisitions bring the number of assets in the Cordea Savills German Retail Fund to 28. The Fund, which offers institutional investors access to a diversified portfolio of retail assets in Germany, is domiciled in Luxembourg.
Source: Citigate Dewe Rogerson