TH Real Estate has acquired a retail warehouse park in the German city of Ludwigshafen on behalf of its Core German Retail Fund (CGRF). The retail asset, which serves the Rhine-Neckar metro region, was sold by developer INWO Bau GmbH. Bilfinger Real Estate GmbH will be responsible for its property management. The parties to the deal have agreed not to disclose the purchase price.
The retail warehouse park, which opened for business in mid-April, is optimally-located in a busy thoroughfare in Rheingönheim, a sub-district of Ludwigshafen. The property has a gross lettable area of approximately 12,300m² (approximately 133,000ft²) spread across two buildings, plus nearly 400 parking spots. Food retailer REWE is the anchor tenant, with a footprint of 4,400m² (47,000ft²). Other tenants include the fitness chain “Fit Base,” discount fashion store “kik” and a “dm-drogerie” pharmacy.
The retail warehouse park in Ludwigshafen brings the number of assets acquired by CGRF to six. The open-ended real estate special AIF is administrated via the platform of the IntReal third-party AIFM, and invests in retail assets such as retail warehouse parks, superstores, hybrid malls, and high-street shopping centres, across Germany in the core and core-plus segment
Thilo Wagner, director of investment, Germany, at TH Real Estate, said: “This asset is a complementary addition to the existing Fund portfolio, with sound fundamentals and strong tenant base.”
