TH Real Estate has acquired the HUMA Einkaufswelt retail scheme in the Bavarian town of Schwabach south of Nuremberg. The acquisition brings the number of properties in the portfolio of the Core German Retail Fund (CGRF) up to seven. The asset was sold by Jost Hurler Beteiligungs and Verwaltungs GmbH & Co. KG. MEC METRO-ECE Centermanagement GmbH & Co. KG will handle the entire centre management.
The hybrid mall, which opened for business in 2012, is home to classic retail units and retail warehouses. It has a gross lettable area of around 36,400m² on two floors, and provides 1,350 parking spots. The property is located about 20km south of Nuremberg inside the Falbenholz trading estate, which sits right next to the "Schwabach-Sild" motorway junction (A6).
Anchor tenants include an outlet of the real,- food retailer, the retailer Moedapark Rather, a Toys 'R' Us toy store and a Media Markt consumer electronics store. Among the other tenants are a dm drugstore and a sporting goods store, INTERS PORT Vosswinkel. The building provides a total of 37 rental units. The occupancy rate equals 94%.
"The HUMA Einkaufswelt mall is the largest asset we have acquired for the Core German Retail Fund to date. The broad-based tenant mix and the sound fundamentals make the property an excellent addition to the portfolio," said Thilo Wagner, Director of Investment, Germany at TH Real Estate and Fund Manager of the CGRF. "We are delighted by the faith put in us, and about the excellent collaboration with TH Real Estate. The addition of HUMA Einkaufswelt brings the number of centres that MEC manages on behalf of the company up to six,” added Christian Schröder, COO of MEC.
The CGRF is an open-ended real estate special AIF that is administered via the InRead third-party AIFM. It invests in German retail properties in the core and core-plus segments.
