Deutsche Konsum picks up suburban retail scheme in Magdeburg

German retail REIT Deutsche Konsum has bought a neighbourhood shopping centre in Magdeburg, Germany from independent asset management firm IC Immobilien Gruppe.

Financial details were not disclosed.

The suburban complex, which comprises some 1,300 m2 of lettable space, was built in 1993.

It has been held in the real estate fund BBV Immobilien-Fonds Nr. 10 which is managed by IC Immobilien Gruppe. The latter was mandated with the asset management for the building, as well as with the commercial, technical and accounting property management.

Prior to the sale of the property, IC Immobilien Gruppe said it was able to secure a long-term extension of the lease agreement with the anchor tenant Edeka.

In addition to its use for retail trade purposes, the property has several hundred square metres of office space and service sector areas.

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