The asset and investment manager GRR GARBE Retail Real Estate GmbH (GRR GARBE Retail) has acquired a supermarket in Altenstadt, Bavaria, by means of an asset deal. The seller is the retail portfolio Süddeutschland GmbH & Co. KG. The property will be integrated into the portfolio of GRR German Retail Fund No. 4.
The anchor tenant of the property is the food discounter Penny, which has been using the property since its completion in 2009. The fully let property has a total lettable area of around 1,100 square metres. Of this, 92 percent is accounted for by the Penny market, while a regional bakery has rented another 85 square meters. The property covers about 5,300 square meters and offers a total of 80 parking spaces.
The site is located on the outskirts of Altenstadt in the immediate vicinity of a main road with a direct connection to the A7 motorway. Altenstadt is located in the Swabian district of Neu-Ulm, about 20 kilometers north of Memmingen and about 30 kilometers south of Ulm.
“With the acquisition of the Penny store in Altenstadt, we are continuing our strategy for the GRR German Retail Fund No. 4 as planned. We invest specifically in established local supply locations with long-term leased properties and what we consider to be attractive risk-return profiles. The property complements the fund portfolio in a meaningful way and supports our position in the food-anchored retail real estate segment.” – Thomas Thein, Head of Fund & Portfolio Management at GRR GARBE Retail.
GRR GARBE Retail was legally advised on the transaction by Rittershaus Rechtsanwälte PartmbB and technically by Gleeds Deutschland GmbH. The brokerage was brokered by BB Property Investments.
