Global real estate investor AEW has acquired a 21,500 m2 retail park in Nuremberg for two of its funds in a joint venture scheme.
Financial terms were not disclosed.
The newly developed Aisch-Park-Center is fully let to 27 tenants, including Rewe, H&M, Dehner, Netto and Woolworth. All the occupiers have committed to long-term leases with an average length of more than 10 years.
The property, which was completed in October 2018, was acquired by AEW Ciloger from a joint venture between Zauritz Group and Klappan Group on behalf of two AEW funds, Actipierre Europe and Pierre Plus.
Matthieu Samaran, investment director at AEW, said: 'The Aisch-Park-Center is strategically positioned and benefits from an economically strong catchment area. Together with its modern layout and strong tenant mix, it will offer the convenient "one-stop shopping" concept, which is becoming more and more important for consumers.'
Greenberg Traurig acted as legal adviser for AEW, while the vendor was advised by JLL and GSK Stockmann.
AEW Ciloger is AEW Group's private clients division, managing more than €7 bn of real estate assets across 22 SCPIs and 2 OPCis. It is one of the top five players in intermediated real estate investment in France.