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.
