German property investor Zamberk Real Estate Ventures (Zrev) has acquired a retail park in Lower Saxony, Germany.
The vendor in the transaction was retail park and convenience centre investor, Mitiska Reim, which sold the property on behalf of its First Retail International 2 Fund.
Financial details were not disclosed.
Located in the city of Braunschweig in north-central Germany, the retail park comprises a gross leasable area of 8,100 m2 across seven units, with anchor tenants and parking for 180 cars.
Welcoming the acquisition, Joseph Zamberk, managing director of Zrev, said: ‘I am pleased to include this asset in our long term ‘family’ portfolio, having stabilized the scheme and its leases over the last couple of years.’
Stefan Klug, investment director Germany of Mitiska Reim, said: ‘Over the past 22 months, we have actively managed this retail park so that the weighted average lease term now exceeds 10 years, which made this a stable and attractive asset for divestment.’
Mitiska has a portfolio comprising 71 properties totaling around 728,000 m2 GLA in 11 countries, across continental Europe.