The asset and investment manager GRR GARBE Retail Real Estate GmbH (GRR Garbe Retail), which operates throughout Europe, has acquired a real estate portfolio for GRR German Retail Fund No. 4.
This consists of eight food-anchored local supply properties, which are leased on a long-term basis to the food chains Aldi Nord and Edeka, among others. The properties are mainly located in the north of the Federal Republic: two in the Schleswig-Holstein district of Dithmarschen, four in the Hanseatic city of Hamburg and one each in Potsdam and Neubrandenburg (Mecklenburg-Western Pomerania). The parties have agreed not to disclose the purchase price and other details of the transaction.
Properties in Hamburg
The four Hamburg properties in the portfolio are located in the districts of Schnelsen, Langenhorn, Poppenbüttel and Finkenwerder and combine the types of use of food retail with office and residential units in prime urban locations.
The largest property in the portfolio is located in Hamburg-Finkenwerder with a total usable area of 3,833 m². The anchor tenant is Edeka with a rental area of around 2,200 m². Finkenwerder is located in the southwest of Hamburg south of the Elbe and is known as an industrial and commercial location as well as for the Airbus plant located here. As a result, the location benefits from a high volume of commuters.
The second Hamburg portfolio property is located in Poppenbüttel in the Wandsbek district in the northeast of the city. This property has a total size of 2,901 m², of which just under 1,700 m² is let to Aldi Nord. In addition, a daycare center, a tax office and a kiosk are located in the property. The Poppenbüttel district is characterized by a high-income population structure and has very good connections to Hamburg’s city center.
The property in Langenhorn in the Hamburg-Nord district has a total lettable area of 2,600 m². In addition to the approximately 1,700 m² branch of the anchor tenant Aldi Nord, the property includes 15 fully let apartments. The district of Langenhorn is located in the north of the Hanseatic city and is considered prosperous. It borders directly on Hamburg Airport, and several underground and bus lines lead here.
The property, which is located in Schnelsen, includes retail space rented from Aldi Nord and eleven rented residential units. The property has a total of 2,345 m² of lettable space, of which 1,664 m² is retail space. The apartments were built in 2010 and supplemented ten years later by the retail space. Schnelsen belongs to the district of Eimsbüttel and is located on the northwestern border of the Hanseatic city. The portfolio property benefits from good connections to the A7 motorway and the urban transport network and is also within easy walking distance for the surrounding residents.
Properties in Potsdam and Neubrandenburg
Potsdam is home to the second largest property in the portfolio with a total lettable area of 3,688 m². In addition to the retail space of almost 2,100 m² rented by Aldi Nord, the property has 34 apartments, 18 of which are furnished. The state capital of Brandenburg has just under 190,000 inhabitants. The portfolio property is located in the northern part of the city in a newly developed residential district, where it acts as a supply hub.
Neubrandenburg on the Mecklenburg Lake District is home to another portfolio property, a mixed-use property with a total lettable area of 2,093 m². About half of this is rented and used by Aldi Nord, the rest is distributed among smaller units, such as a pharmacy, doctors’ surgeries and apartments. The property is located south of the city centre in a residential and commercial area. Neubrandenburg has around 65,000 inhabitants and is the fourth largest city in Mecklenburg-Western Pomerania.
Properties in the district of Dithmarschen
Of the two properties in the Dithmarschen district, one is in Albersdorf and one in Wesselburen.
The food centre in Albersdorf consists of three commercial units offering a total of 2,625 m² of rental space. In addition to Aldi Nord, which uses the largest unit with around 1,560 m², Rossmann and a regional bakery with café are among the existing tenants. The property is located directly on the main road of Albersdorf. The community is a recognized tourist resort and is conveniently located between Itzehoe and Heide.
The second local supply property is located in Wesselburen, 30 kilometres from Albersdorf, a local supply property used by Edeka with 1,987 m² of rental space. The property is located in the south of the city in an equally convenient location. Wesselburen is also a touristy place, favoured by its location on the Wadden Sea and its proximity to Büsum and St.-Peter-Ording.
Strategic decision of the acquisition
Andreas Freier, Managing Director of GRR GARBE Retail Real Estate GmbH, commented on the transaction: “With the purchase of the portfolio for GRR German Retail Fund No. 4, we have made targeted investments in eight local shopping centres with strong anchor tenants. Properties like these are characterized by their high resistance to crises and continuous demand. The portfolio acquisition not only expands the diversification of the fund, but also underlines our strategy of securing long-term valuable real estate in regionally established locations.
BNP Paribas Real Estate advised the seller and brokered the transaction. Schuster Real Estate Consultants from Ansbach was responsible for the technical due diligence, while the legal and tax support was provided by CMS Hasche Sigle.
Legal Notices
This is a marketing ad. Please read the investment terms and conditions and other contractual documents, the information document pursuant to section 307 (1) and (2) KAGB (“section 307 document”), the key information document and the most recent annual report of GRR German Retail Fund No. 4 (hereinafter referred to as the “Fund”) before making a final investment decision. These documents are the sole binding basis for the purchase of shares in the fund.
The fund is an open-ended special AIF with fixed investment conditions in accordance with Section 284 KAGB and may not be distributed to private investors within the meaning of Section 1 (19) No. 31 KAGB.
The fund is an actively managed fund that is not managed in relation to a reference index. By acquiring shares, you acquire shares in the fund and do not acquire the assets held by the fund (e.g. real estate), which are acquired by INTREAL on behalf of the fund.
The fund invests in particular in real estate and thus in illiquid assets. It may be difficult to sell them under certain circumstances, so that redemptions of units can sometimes only be delayed or the redemption of units of the fund is suspended. Comprehensive information on the risks associated with investing in the fund can be found in the Section 307 document. You can also find the main risks in the key information document.
Insofar as information is provided on individual financial instruments or issuers, this is not intended to be a recommendation of specific financial instruments.
The future performance of the fund also depends on the investor’s personal situation in terms of their taxation and may change in the future. Please note that this document does not constitute or replace legal or tax advice.
This document and the assumptions contained herein have been prepared with care and reliance on the accuracy of the data provided to us by third parties, but we cannot guarantee that this information is correct, complete and up-to-date. The parameters underlying this document are also subject to change, so it is possible that these assumptions may not be maintained at a later stage.
Source: GRR Garbe Retail Real Estate (as of 31.12.2024), unless other sources are given.
