Redevco acquires retail park north of Berlin

Redevco has expanded the portfolio of its Redevco European Retail Parks (RERP) fund with the acquisition of Elisen Park Greifswald, its third German asset. 

Elisen Park, Greifswald

The retail destination, located in Mecklenburg‑Vorpommern around 2.5 hours north of Berlin, was acquired from Patrizia SE.

Opened in 1993, Elisen Park has long served as the central retail hub for Greifswald and the wider Vorpommern region, attracting around four million visitors annually. The asset sits on the city’s south‑eastern outskirts near highways B109 and A20, providing strong regional connectivity. The scheme comprises more than 39,000 sq m of retail space and hosts over 40 tenants, with 90% of the space currently let. Long‑term anchor tenants include OBI, Kaufland, MediaMarkt and Rossmann.

Markus Haimerl, director transactions at Redevco, said Germany remains a key market for the RERP strategy. “This acquisition not only increases the WAULT of the fund’s portfolio but also its exposure to the stable and mature German market. It is not every day we add an asset of this size, importance and potential. We look forward to leveraging our active asset management expertise to create value for customers, tenants and our investors alike.”

Israel Casanova, Investment Director of the RERP fund, said the asset’s strong mix of convenience and essential retail operators provides a resilient and defensive income profile supported by recurring footfall. He added that the fund’s capital deployment continues to progress successfully.

Daniel Dreyer, head of investment management transactions DACH at Patrizia SE, said the sale marks the completion of a long‑term investment strategy. He noted that transitioning the property from a master lease model to individual leases with a diversified tenant mix had strengthened the cash flow profile and created additional value for investors.
The core+/value‑add asset was fully refurbished in 2024 to modernise the mall. Redevco plans further value optimisation and ESG enhancements, targeting BREEAM Excellent certification. Planned measures include modernising the roof, installing solar panels and adding EV charging points in the parking area.

Advisers to the seller included CBRE (broker), K&L Gates (legal) and TA Europa (technical due diligence). Redevco was advised by REIUS (legal), Goldbeck and SVB Schaub (technical), Terraplan (environmental), JLL (valuation), BNP Paribas RE (commercial) and PwC (tax and structuring).