Redevco, the pan-European retail real estate specialist, has acquired a substantial portfolio comprising two retail parks and a big box retail property in the German cities of Hanover, Gründau-Lieblos and Berlin for approximately €160m. The vendor of the assets with a GLA of approximately 63,500m² is a property company of the Krieger Bau Group.
The flagship asset of the deal is the A2 Centre in Hanover, a 35,000m² highly established hybrid retail park directly adjacent to the A2 motorway including 2,000 parking spaces. The centre features 32 high-quality tenants including C&A, Deichmann, Esprit, Reno, Saturn and a Real hypermarket.
The retail park in Gründau-Lieblos comprises five fully let units with over 21,000m² as well as approximately 600 parking spaces. Anchor tenants of the park are Bauhaus and Media Markt.
The Berlin addition to the portfolio has a GLA of almost 6,900m², with anchor tenant Media Markt occupying approximately 4,200m². The two upper floors are let to Crunch Fit, an expansive fitness club chain.
Redevco was assisted by SQM Property Consulting und Clifford Chance for this transaction.
