Redevco buys Dortmund retail park to grow German portfolio
Redevco has expanded its German portfolio with the acquisition of a retail park in Dortmund for an undisclosed purchase price.
The acquisition of the Indupark-Center Dortmund was made for Redevco’s REDOS Einzelhandel Deutschland III fund.
The property at Wulfshofstrafle 6-8 comprises approximately 25,184 sq m of rental space, leased to 30 businesses, including anchor tenants such as Kaufland, MediaMarkt, and dm.
“The Dortmund location has demonstrated a very robust development in socio-economic fundamentals that are important to us, and we expect this positive trend to continue”, said Markus Haimerl, Director of Transactions, Redevco. “This transaction allows us to further diversify our fund portfolio in a targeted manner while generating stable cash flows for our investors.”
Other positives include the location, which is very easily accessible, and the possibility to “implement our ambitious sustainability goals at this new site in the near future by making the roof PV-ready”, Haimerl said.
Originally built in 1976, the retail park underwent extensive refurbishment in 2013. The occupancy rate is 99%, with a weighted average lease term of 6.6 years.
The entire site covers 93,838 sq m and provides space for 1,407 parking spaces. It is located in western Dortmund, near the A40/A45 motorway interchange and roughly midway between the Dortmund Germania and Dortmund Kley SBahn stations.
This acquisition further strengthens Redevco’s pan-European retail park platform, Haimerl said, which already comprises around 200 properties in Belgium, Germany, Spain, Portugal, and the United Kingdom, with a total volume of nearly €5 billion.
Redevco is one of Europe’s largest private real estate companies with assets under management of around €10 billion.
