CBRE Global Investors has completed the purchase of a £21.3m hypermarket in the German city of Düsseldorf.
The property investment manager bought the building from Edinburgh House Estates on behalf of its Pan European Core Fund.
Let to the hypermarket operator Real, the building consists of 135,000 sq ft of retail space, of which 95% is secured against Real.
The acquisition is the PEC fund’s tenth asset and its fourth in Germany.
Richard Everett, fund manager for PEC, said: “We’re delighted to strengthen our position in Germany through what is a sound investment. The hypermarket provides exposure to a fully-leased, low-risk asset within one of Europe’s most liquid investment markets.”
Ulrich Oppermann, head of transactions, Germany, added: “Düsseldorf is one of the country’s ‘top five’ cities and the state capital of North Rhine-Westphalia. The hypermarket is the only one within a 3km radius of Düsseldorf city centre, and land-use restrictions means competition will remain restricted, adding to the attractiveness of this investment.”
CBRE Global Investors was advised by CBRE and Ashurst LLP; Edinburgh House Lippe GmbH was advised by Estama. The acquisition will be financed by SEB AG Commercial Real Estate, Frankfurt
jack.sidders@estatesgazette.com
