Tuesday, 2 December 2014
GRR German Retail Fund No.1 adds two local shopping centers in Lower Saxony to its portfolio (DE)
GRR Real Estate Management GmbH (GRR) has added two more retail properties to the portfolio of its GRR German Retail Fund No.1, with the purchase of two local shopping centres in Harsum and Nordstemmen in Lower Saxony, Germany. The fund was founded by GRR in 2012 and includes 27 properties. The vendor of both is German Retail II GmbH, of Aschheim.
The retail property in Harsum, north of Hildesheim, was built in 2001 on a 20,600 m² site. It has a lettable area of around 4,100 m², anchored by REWE. The existing leases have an average unexpired term of over 13 years. The purchase price is €3.8 mln. Local shopping centre includes 244 parking spaces. Situated very close to the A7 motorway, it has excellent transport connections.
The local shopping center in Nordstemmen, west of Hildesheim, was completed in 2004. Situated on a 20,700 m² site, it has a lettable area of 2,875 m². It in-cludes around 200 customer parking spaces. Anchor tenant of this property is also REWE. The existing leases have unexpired terms averaging around 15 years. The purchase price is 5 million Euro. The nearby federal roads B1 and B3 provide good accessibility.
Source: Targa Communications