Rockspring Property Investment Managers has acquired a retail park located to the south of Berlin from Düsseldorf-based Metro Group.
Rockspring Property Investment Managers has acquired a retail park located to the south of Berlin from Düsseldorf-based Metro Group.
The acquisition of the Südring Center in Rangsdorf was carried out on behalf of a separate account mandate managed by Rockspring. Financial details of the transaction were not disclosed.
The Südring Center is a 41,500 m2, fully let retail warehouse park anchored by a Real hypermarket, Obi DIY and an Adler fashion store. It is located south of Berlin on the Berliner Ring Autobahn, and has 2,000 car parking spaces, as well as existing planning permission to extend the retail park by a further 6,000 m2.
The property is managed by retail park specialist MEC Metro-ECE Centermanagement.
'With the advantage of conservative financing, this core investment property delivers a solid income yield and will provide a source of secure cash flow,' said Ulf Christiansen, head of acquisitions at Rockspring, Germany. 'Additionally, the area to the south and south-east of Berlin is set to benefit from population growth and, in due course, from the opening of the BER international airport, which should help drive increased footfall, as well as asset valuation growth.'
Stuart Reid, Rockspring Partner overseeing Germany added: 'With permission to extend by a further 6,000 m2 we consider there are also interesting opportunities to grow the income and improve the tenant mix going forward.'
The acquisition brings Rockspring’s total retail warehouse investment in Germany and German-speaking Switzerland by six funds to €1.75 bn.