Redevco has acquired a 38,000m² mixed-use property comprising a convenience retail floor and more than 280 residential units in Dusseldorf. The asset, known as the Dieterich Karree, was purchased in an off-market transaction from Bayerische Versorgungskammer (BVK) for more than €100m. This is the second transaction on behalf of Redevco’s specialist strategy to deploy €500m in the residential sector in the Netherlands, Germany, Spain and the United Kingdom in the coming years.
Constructed in 1978 and refurbished in 2013, Dieterich Karree is located in Düsseldorf-Pempelfort, a very popular residential neighbourhood very close to the city centre with many small-scale shops, cafés, bars and restaurants. The residential units were designed to attract a broad target group and are split over 10 residential blocks. The residential blocks are located on the first floor around a green and quiet courtyard.
Dieterich Karree comprises a convenience retail space on the ground floor totalling 11,430m² and offers 660 underground parking spaces. The retail section has anchor supermarket tenants Edeka, Aldi Sud, pharmacy dm-drogerie markt, and shoe store Deichmann which direct footfall into the mall’s rear area where other convenience stores and a number of F&B concepts are located. Redevco is planning a major refurbishment programme including sustainability and energy-efficiency improvements in the coming years.
Andrew Vaughan, CEO Redevco, said: “Dieterich Karree is an excellent example of the type of property that plays to our skills and expertise while allowing us to grow our exposure to residential assets in attractive urban areas. As an investor in retail and urban living, we can add value with our specialist know-how and we look forward to continuing to deliver on our residential strategy.”