TH Real Estate has acquired a retail warehouse park in Frankenberg/Hesse, Germany on behalf of its Core German Retail Fund (CGRF), from Dutch property developer Ten Brinke. Frankenberger Tor, which opened for business in February 2015, features a lettable area of approx. 11,000 m² and approx. 300 parking spots.
Anchor tenants include the food retailer Edeka, electronics goods store Herkules, and fashion retailer H&M. Other tenants of the fully-occupied scheme include Rossmann, Deichmann, mister*lady, Jeans Fritz, and Ernsting's Family. The purchase price was not disclosed.
The new scheme is the dominant retail centre in Frankenberg. Many of the town’s existing retailers chose to relocate to the new park, and the anchor tenant, H&M, selected the scheme for its entry into the local market.
The Core German Retail Fund was launched in June 2014 and invests in retail assets such as retail warehouse parks, superstores, hybrid malls, and inner-city shopping centres in Germany, focusing on the segments core and core+. The target volume of the open-ended real estate special AIF is approx. €400 mln, while the Fund term is 10 years. The property bought in Frankenberg marks the third acquisition on behalf of the Fund.
Since the launch of the Fund, further capital has been raised from both existing and new investors. The Fund is on target to complete its €250 mln target by year end.
The CGRF is managed via the platform of the IntReal third-party AIFM.
Source: TH Real Estate