Valad Europe acquires German shopping center for Valad European Diversified Fund (DE)

Valad Europe, the leading independent diversified real estate investment manager, has acquired a 6,297 m² shopping center at Wilhelm-Dichmann-Straße 2-4, in Kelkheim, Germany. The purchase was made on behalf of its Valad European Diversified Fund (VEDF).

The shopping center which was constructed in 1990 and has undergone substantial refurbishment in the last four years is let to a number of high quality retail tenants. Current occupiers include Aldi supermarket, Woolworths department store and Dirk Rossman drug store. Its location also benefits from strong footfall from the busy ‘Neue Mitte’ pedestrian area in Kelkheim city center.

David Kirkby, Valad Europe’s Chief Investment Officer, commented: “This is our first acquisition for VEDF in Germany and is indicative of the type of good quality, well located assets we are targeting, with strong credit tenants. We currently have in excess of €170 million invested or under offer or exchanged, across a range of sectors, and we continue to seek deals in Germany and the UK as we build a fully diversified portfolio of assets that will benefit from the strong fundamentals of these markets.”

The Valad European Diversified Fund launched with initial equity of €180 million to invest and initial fund capacity of €450 million and second stage capacity of circa €900 million, employing leverage between 50 - 65%. The Fund invests in Core Plus / Value Add assets in Germany and the UK with individual lot sizes between €5 - €45 million. The Fund will also invest in small to medium sized portfolios between €50 - €250 million.

Valad Europe manages €4.5 billion of investment and development assets across Europe, comprising 500 assets and 4,000 tenants, managed by local teams totaling 215 people in 22 offices and 13 European countries.

Source: Valad Europe

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