With the eo Oberwart shopping center, KGAL has acquired another building for its institutional real estate fund Austrian Retail Park Portfolio (ARPP). The shopping center is situated in Burgenland and is fully let. Since December 2012, KGAL has invested in four shopping centers and retail parks in Austria, increasing the portfolio volume there to €1.1 billion.
The eo Oberwart shopping center, built in 2009 in the south of Burgenland, combines classic elements of a retail park with the features of a regular shopping center and benefits from a strong positioning due to its size and tenant structure. The two-story center offers a comfortable one-stop shopping experience with a wide range of merchandise and services as well as 750 parking spaces. The rental area encompasses more than 26,000 m² and the occupancy rate is at 100 %. The 55 tenants currently include C&A, Media Markt, Müller, H&M, Adler and the well-known Austrian brand Kastner & Öhler Warenhaus AG.
“KGAL has a long-standing presence and good network in Austria. As a result, we are continually able to identify interesting buildings. The limited market offer is nevertheless a challenge. This means we are all very happy about this successful purchase,” says André Zücker, Head of Real Estate at KGAL Investment Management GmbH & Co. KG.
The sellers of the shopping center are Dr. Christian Harisch and Stefan Rutter, who in turn each have a 50 % stake in the Rutter Immobilien Group. They will retain a stake of 10 % in the building over the long term.