Redevco invests further €160m in three German retail assets

Pan-European retail real estate specialist Redevco is investing €160m in a German retail property portfolio, buying two retail parks and a big box retail property in Hanover, Gründau-Lieblos near Hanau, and Berlin for one of its investor clients. The seller of the 63,500 sqm portfolio is the Krieger Bau Group.

The A2 Centre in Hanover, a 35,000 sqm retail park, is let to 32 tenants including C&A, Deichmann and Esprit. The 21,000sqm Gründau-Lieblos park is fully let to five tenants, with Bauhaus and Media Markt as anchor tenants. The 6,900sqm Berlin asset in the neighbourhood of Wedding is anchored by Media Markt, and will be managed by Redevco itself.

Andrew Vaughan, chief executive at Redevco, said: “The properties are excellently located and home to strongly performing retailers, which makes this a solid, long-term investment. At the same time, we see possibilities to enhance and add value through active asset management and letting optimisation. We will continue to look out for more of these types of retail properties.”

The German property investments came just a week after Redevco and its joint venture partner Hermes bought a centrally-located shopping centre in Lille in northern France as part of its €250m investment programme.