Cording Real Estate Group, acting on behalf of a joint venture with Patrizia Multi Managers and a client of Cording, has sold a retail warehouse centre in Mannheim, Germany. The property, situated at Casterfeldstrasse 40–44, provides a total lettable area of 11,200m², of which 9,700m² is retail accommodation and the remaining 1,500m² is in an office building belonging to the asset. The property is fully let to seven different tenants. The weighted average unexpired lease term (WAULT) is around 7 years. The property includes a parking facility for 263 vehicles. The purchase price was not disclosed.
The retail warehouse centre is situated in the Neckarau district, which has a population of more than 31,000, some 5 kilometres to the south of the city centre and close to the SAP Arena, the Maimarktgelände exhibition site and the access to the A6 motorway. It boasts excellent public transport connections and is less than 10 minutes from Mannheim central station.
Felix Jethon, Head of Fund Management Germany at Cording, said: "During the short holding period, around two years, we succeeded in fully letting the property and increasing the income. In the scope of a portfolio streamlining, we have taken advantage of the currently favourable market phase for the sale in order to achieve an IRR for our investors that is well into double digits".