REDEVCO Services Deutschland GmbH has purchased the Angereck retail, office and residential building in Erfurt from the insurer Berliner Ärzteversorgung. The parties have agreed not to disclose the sales price; the transaction was brokered by Kemper's Leipzig.
Angereck, a modern building finished in 1999, commands an A1 location at Anger 62 in downtown Erfurt, the capital of the federal state of Thuringia. It comprises a total lettable area of around 7,500 m² and is fully let.
The retail units occupied by the fashion chain H&M, bookseller Hugendubel, shoe store Roland-Schuhe, and a bakery cover over 5,000 m² in the basement and on the ground floor and first floor. Just under 2,100 m² of offices accommodating the insurer Kaufmännische Krankenkasse Halle and the law firm Dr. Eick & Partner occupy the third and fourth floors, while seven apartments share the remaining 480 m² on the fifth and sixth floors.
Angereck matches REDEVCO's investment profile 100%. The Düsseldorf-based real estate company is consistently pursuing a diversification strategy designed among other things to reduce the share of single-purpose, city-center retail properties in the portfolio in favour of multi-tenant properties in A1 locations and retail parks. In Germany alone, REDEVCO plans to channel €400-700 million over the next three to five years into direct acquisitions and project developments in the retail, office and logistics segments.