Tuesday, 3 March 2015
GRR German Retail Fund No.1 acquires Retail Park Portfolio in Southern Germany (DE)
The GRR Real Estate Management GmbH has further expanded the portfolio of its GRR German Retail Fund No.1. With the purchase of a retail park in Heßdorf and a local supply center in Östringen, the GRR German Retail Fund No. 1, which was established in the year 2012, currently comprises a total of 31 properties.
The former owner of this portfolio was a fund which had been managed by Cordea Savills. Concerning this sale, Cordea Savills has been advised by GermanInvest Property Advisors GmbH.
The retail park Heßdorf, which is situated in the Middle-Franconian County of Erlangen, was opened in 2007 and comprises a total of approximately 5.750 m² retail space which is fully rented. Tenants are ALDI Süd, REWE, dm Drogeriemarkt, KiK Textilien, Deichmann, T€Di and the Café Elesterios Sinelis.
Thanks to its close proximity to the highway A3 exit Erlangen-West, the retail park is thus very well connected to the traffic network.
The local supply center in Östringen, Baden-Wuerttemberg, is a retail real estate which was built in 2006. The total rental space of 4.580 m² is fully rented. Anchor tenant is LIDL. Further tenants are AWG Mode Center, dm Drogeriemarkt, Deichmann, T€Di, Fressnapf und die Bäckerei & Konditorei Rothermel.
The GRR German Retail Fund No. 1 is an open real estate special AIF and is managed via the Service-KVG IntReal platform.