Redevco acquires retail park in Germany

European private real estate company Redevco is expanding its Redevco European Retail Park fund (RERP) with the acquisition of the 10,600 m2 Forettle Center in Kaufbeuren, Germany.

Kaufberen, Germany

This marks the fund's second German asset, following the Bahnhofsarkaden Leutkirch acquisition in January. Nuveen was the seller.

Built in 2018, the Forettle Center offers 10,600 m2 of total lettable space, including retail, office, fitness, and storage areas, along with approximately 250 parking spaces. The retail space is 98% let to 18 tenants, anchored by REWE, dm, Clever Fit, Action, and Kik.

The centre benefits from a strong location on the busy B16 federal road, offering excellent accessibility by car and public transport, and serving a catchment area of over 50,000 people.

Redevco plans significant sustainability improvements to achieve a BREEAM 'Excellent' rating. This includes a feasibility study for large-scale rooftop solar panels, conversion to LED lighting, installation of a heat pump, and other energy efficiency upgrades.

Markus Haimerl, director of Transactions at Redevco, said: “The rapid expansion of the RERP portfolio demonstrates our uniquely broad and deep connections in the market and our exceptionally high deal certainty. We are delighted that this outstanding asset allows us to further diversify the fund’s portfolio strategically – both geographically and in terms of tenant mix. In doing so, we remain true to our Core+ strategy and, through active asset management, specifically enhance value for our investors.”

The buyer was advised by Noerr, Goldbeck, PWC, BNPREC, C&W and GIGA.Green. CBRE and Graf von Westphalen advised the seller.