TH Real Estate has acquired a retail warehouse park in the German city of Ludwigshafen on behalf of its Core German Retail Fund (CGRF).
Financial details were not disclosed. The retail asset, which serves the Rhine-Neckar metro region, was acquired from developer INWO Bau. Bilfinger Real Estate will be responsible for its property management.
The retail warehouse park in Ludwigshafen brings the number of assets acquired by CGRF to six. The open-ended real estate special AIF is administrated via the platform of the IntReal third-party AIFM, and invests in retail assets such as retail warehouse parks, superstores, hybrid malls, and high-street shopping centres, across Germany in the core and core-plus segment
Commenting on the deal, Thilo Wagner, Director of Investment, Germany, at TH Real Estate, said: 'This asset is a complementary addition to the existing Fund portfolio, with sound fundamentals and strong tenant base.'
The retail warehouse park, which opened for business in mid-April, is located in a busy thoroughfare in Rheingönheim, a sub-district of Ludwigshafen. The property has a gross lettable area of around 12,300 m2 spread across two buildings, plus nearly 400 parking spots.
Food retailer REWE is the anchor tenant, with a footprint of 4,400 m2. Other tenants include the fitness chain 'Fit Base', discount fashion store 'kik' and a 'dm-drogerie' pharmacy.
TH Real Estate is an established investment management company, specialising in real estate equity and debt investment worldwide. The company is owned by TIAA, the US-based provider of financial services in the academic, research, medical, cultural and government fields.
