The international real estate investment manager Savills Investment Management (Savills IM) has sold the Bahnhofsarkaden in Leutkirch. The buyer is Redevco, which has acquired the retail park for its European Retail Parks Fund. The property was part of the portfolio of the Savills IM European Commercial Fund (ECF), which was launched in 2008. The fund, which is pan-European and diversified across the office, retail and logistics sectors, holds 18 properties in ten countries after the sale. Various German institutional investors are invested in the fund.
The property sold is a retail park in the Allgäu region of Baden-Württemberg, about 140 kilometres southwest of Munich. The total of five building sections comprise around 13,000 sqm of rental space. There are 347 outdoor parking spaces available. The anchor tenants include REWE, Lidl, dm drogeriemarkt and Woolworth. At the end of 2024, the non-food discounter Action was also won as a new tenant.
Norbert Stangelmayer, Director Fund Management at Savills IM, says: “Thanks to the active management of the station arcades, we were able to achieve attractive performance and stable dividend yields over the entire holding period. Due to the continuing demand for retail parks, we have now successfully sold the property. The sale was part of the strategic management of our ECF, which will include increasing the allocation to the logistics segment.”
Tim Ulrich, Head of Transaction Management Germany, Austria & Switzerland at Savills IM, adds: “Even though the real estate investment market is still generally subdued, we see some exciting opportunities. We are looking for further properties in Germany and Europe for various funds and mandates that have positive economic and demographic developments and high sustainability standards. The focus is clearly on the logistics, residential, food retail and office sectors. In addition, we will continue to take advantage of opportunities for strategic divestments.”
CBRE, Hogan Lovells, Real Estate Struccess and Multi Germany GmbH advised Savills IM on the transaction.
