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Retail Centre
Eckervogt said the company expects potential for rental and value growth in spite of the very low vacancy rate. “We intend to target and leverage this potential in close dialogue with the retailers, for example by developing cutting-edge, customer-oriented shop-floor concepts,” he said.
The Hamburg-based Redos Group’s second institutional fund, which targets German retail assets, has bought the Olymp portfolio with eleven retail parks and hybrid centres from TH Real Estate for a Spezialfonds which it set up with fund manager Union Real Estate. The sum paid was undisclosed.
The 141,000sqm Olymp portfolio consists of ten retail assets in western Germany and one in Berlin. The properties include the Durlach Center in Karlsruhe, Norder Tor in Norden near Emden and the Allende Center in Berlin-Köpenick.
Among the main tenants are Kaufland, real, EDEKA, REWE, Penny, Rossmann, Saturn, and dm-drogerie markt. All retailers have signed long-term leases. The portfolio has an occupancy rate of more than 98%.
Frank Eckervogt, a managing director and the head of acquisition at Redos, said: “With Olymp, we have acquired one of the most attractive and best quality retail portfolios currently on the market for the Union Investment special AIF. All the locations are well established with high footfall and stable cash flows. We have plenty of core tenants of good credit standing, which lends this investment a high level of planning security.”
Eckervogt said the company expects potential for rental and value growth in spite of the very low vacancy rate. “We intend to target and leverage this potential in close dialogue with the retailers, for example by developing cutting-edge, customer-oriented shop-floor concepts,” he said.
Marcus Mack, a fund manager at TH Real Estate, added that his firm has steadily developed the portfolio over the past eight years with strategic repositioning, and generated added value for the properties. “We have steadily developed this outstanding portfolio over the past eight years with strategic repositioning, and we have already generated added value for the properties,” he said.
“With our many years of expertise, we, for example, established the Durlach Center in Karlsruhe as the dominant shopping destination in the region and gave the location a boost by broadening the sector mix and building a specific centre brand.”
