Union Investment and Redos Group’s second institutional fund, Redos Einzelhandel Deutschland II, have bought a portfolio of 11 retail parks and hybrid centres in Germany from TH Real Estate.
Financial details were not disclosed.
The 141,000 m2 package consists of 10 retail assets in western Germany and one in Berlin. The properties include the Durlach Center in Karlsruhe, Norder Tor in Norden near Emden and the Allende Center in Berlin-Köpenick.
The portfolio has an occupancy rate of more than 98%.
Frank Eckervogt, managing director and head of acquisitions at Redos, said: 'With Olymp, we have acquired one of the most attractive and best quality retail portfolios currently on the market for the Union Investment special AIF.'