Rockspring Property Investment Managers has acquired nine Obi DIY retail stores in Germany for 鈧�150 mln.
Rockspring Property Investment Managers has acquired nine Obi DIY retail stores in Germany for 鈧�150 mln.
The portfolio is fully let to Obi, Germany鈥檚 DIY operator. Rockspring was acting on behalf of two separate account mandates.
The acquisition comprises over 112,000 m2 of lettable area and includes Obi鈥檚 20,000 m2 flagship unit in Berlin-Zehlendorf as well as a second major store in Berlin, and units in Augsburg, Neuss, Siegen, Haiger, Schwelm, Vechta and Dresden.
'This is a highly desirable, well-located portfolio that we have monitored for a number of years,' said Stuart Reid, Rockspring partner overseeing the German market. 'The units, which were originally built by Obi, are situated in strong retail warehouse municipalities and are dominant in their catchment areas. Rockspring鈥檚 platform of retail warehousing in Germany and Switzerland now amounts to over 鈧�2 bn, which incorporates over 100 retail units, making Rockspring the largest long-term foreign investor in this sector.'
Ulf Christiansen, head of acquisitions at Rockspring, Germany said: 'Our ability to successfully execute the acquisition of this core portfolio is reflective of our influence and expertise in the German market. As demand continues to rise for such DIY units, we believe we are strategically positioned to capitalise on this increase in investor appetite.'
The vendor was advised by BNP Paribas and represented by K&L Gates. Rockspring was represented by Gleiss Lutz.
