References
Over the years, we have worked productively with numerous investment partners and property owners, successfully completing retail-sector property acqusitions totalling some EUR 5 billion in value. These include numerous dempartment stores, retail parks and local convenience retail centers, as well as major regional shopping centres such as Rhein-Ruhr Zentrum and Kaufpark Eiche.
We develop and manage retail properties with an eye to the future, in close cooperation with major retail tenants, with our investing clients, and with the local communities which these retail centres serve. Through our creative concepts, we strive to bring together the right mix of retailer types and tenants, meeting consumer needs while also offering variety and appeal. We develop these concepts individually, considering the circumstances and opportunities of each location, and paying particular attention to the broad range of service offerings which are important to today’s consumers. The best proof of what this approach can actually achieve is the track record of our many successful projects together with our long-standing partners.
Rhein-Ruhr Zentrum
Shopping centre with Karstadt Arkaden and adjacent office tower, offering total rentable space of approx. 140,000 sq.m.
Investor
Joint venture between redos and North Haven Real Estate Fund IX Global, a fund managed by Morgan Stanley Real Estate Investing (MSREI)
Asset management
redos, Hamburg
Project development / leasing
HLG Gesellschaft zur Entwicklung von Handelscentren mbH & Co. KG, Münster
Architect: Maas und Partner, Münster
Project management: Drees & Sommer, Hamburg
Shopping centre management
ECE Projektentwicklung G.m.b.H & Co. KG
Acquisition
February 2018
The Rhein-Ruhr Zentrum (RRZ) shopping centre in the city of Mülheim an der Ruhr, originally built in 1973, is slated to be comprehensively modernised over the next years. With a total investment of approx. EUR 200 million, this massive revitalisation project is one of the largest in Germany. By acquiring not only the shopping centre including Karstadt Arkaden and the neighbouring office tower, we have managed for the first time to bring all components of the RRZ complex under a single ownership structure. Thanks to this critical step, it has now become possible to comprehensively reposition RRZ, thereby realising its enormous potential for new development and value appreciation. The extensive and holistically based revitalisation project aims to establish Rhein-Ruhr Zentrum as the “living room” of the Ruhrgebiet, the densely populated region between Dusseldorf, Duisburg and Essen where the shopping complex is located, creating a unique and attractive shopping and eating experience for the entire family, along with exciting new entertainment options.
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Christie Portfolio
Retail property portfolio consisting of four large-scale hybrid shopping centres with approx. 218,000 sq.m. of combined rentable space.
Investor
Joint venture between redos and Madison International Realty
Asset management
redos, Hamburg
Project development / leasing
HLG Gesellschaft zur Entwicklung von Handelscentren mbH & Co. KG
Shopping centre management
Unibail-Rodamco-Westfield
Acquisition
December 2016
Three of the four portfolio’s four hybrid shopping centres are located in the Berlin-area districts of Ahrensfelde, Dallgow-Döberitz and Brandenburg on the Havel, while the fourth is in Dresden. All four have undergone, or will shortly undergo, comprehensive revitalisation plans tailored to the specific circumstances of each individual location, thereby repositioning them within their respective local markets. In today’s world, successful retail real estate investing means developing individually tailored, sustainable concepts for each individual property that take a forward-looking view towards changing consumer behaviours. And this is precisely what we are doing with the Christie portfolio. Following our successful repositioning of Kaufpark Eiche, we are currently carrying out comprehensive modernisations of the Havelpark Dallgow and Brandenburger Einkaufszentrum Wust shopping centres. With new space and design concepts, we are bringing these established but aged centres into the future, working closely together with our project development partner HLG and architecture firm Maas & Partner, with Drees & Sommer responsible for project management at all four locations. At the end of 2016, we acquired the Christie portfolio as a co-investor in a joint venture with Madison International Realty, having already managed the portfolio since 2013 as both portfolio manager and asset manager.
Kaufpark Eiche
part of Christie Portfolio
EUR 300 million total investment
EUR 50 million investment for revitalisation
63,000 sq.m. total rentable space
130 shops and restaurants
3,500 free parking spaces
With its modern architecture, a central food court and plenty of space for events, the new Kaufpark Eiche has established itself as an attractive, hybrid shopping and entertainment centre serving the entire east Berlin region. The revitalised complex offers an exciting mix of shops, restaurants and leisure activities in an architecturally appealing ambience. We have very deliberately developed the Kaufpark Eiche brand while at the same time preserving its long-standing identity. And through our forward-looking concept, we have repositioned a traditional bricks-and-mortar retail location for the future while also creating an attractive social meeting place to draw not only long-time Kaufpark Eiche shoppers but also new generations of shoppers and visitors.
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Havelpark Dallgow
part of Christie Portfolio
EUR 203.2 million total investment
EUR 33 million investment for revitalisation
54,000 sq.m. total rentable space
98 shops and restaurants
3,400 free parking spaces
With Havelpark Dallgow, in the western suburbs of Berlin, we are creating a new and exciting gathering place for young and old. The location, which was formerly largely a retail park, has been transformed into a contemporary shopping centre with a modern design and a diverse mix of retailer types and tenants, with many existing tenants increasing their rented space and the addition of strong new big-name tenants as Junge Bakery, Depot and Olymp & Hades. In addition to the broader range of consumer offerings, we have taken care to bring more regionality into the centre’s marketing, thereby strengthening the identification of people throughout this populous region with an attractive new landmark and social hub. We see this as an essential step to cementing Havelpark’s long-term future position in a changing retail world.
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Brandenburger Einkaufszentrum Wust
part of Christie Portfolio
EUR 40 million total investment
EUR 16.6 million investment for revitalisation
40,000 sq.m. total rentable space
48 shops and restaurants
1,800 free parking spaces
The 27-year-old center is an established location on the far western outskirts of Berlin, but it has long lacked the kind of meaningful investments needed to keep with the times. We are changing this, transforming this well-known traditional shopping centre into an attractive, versatile and barrier-free family centre. The location is being given a new lease on life through two basic approaches: quality of visitor experience, and a broader mix of retail offerings. The already well-established tenant base will, in particular, soon be augmented with the addition of a strong new anchor tenant: Modepark Röther, which starting in the fall will occupy some 6,000 sq.m. With the enormous variety of apparel offerings to be found in the new Brandenburger Einkaufszentrum Wust, the shopping centre will have the critical mass to be a force in fashion retailing long into the future. Among the new tenants are other well-known apparel names including Jeans Fritz and Camp David. In addition to the strong new additions, existing tenants such as Kik, Tedi and Intersport have enlarged their spaces and remodelled these to the latest and most exciting shop designs. The grand opening of the new shopping mall, with a week of special sales and events, will take place in October 2019.
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Tobago portfolio
11 toom DIY stores with combined rented space of approx.130,000 sq.m.
Investor
MSREF VII/redos
Asset management
redos
Concept / leasing
redos
Acquisition
October 2012
Exit
Structuring of two portfolio sale transactions (together with assets from the Horn portfolio and a single asset sale from the Bavaria portfolio), which were finalised in the first quarter of 2017.
We originally acquired Tobago portfolio in 2012, through a joint venture with Morgan Stanley. The portfolio consisted of 11 retail properties, all of which were toom DIY stores, with combined rented space of 130,000 sq.m. toom is part of Rewe Group, one of Europe’s largest retailers. We negotiated long-term lease prolongations with toom, then subsequently completed a successful exit through two portfolio sales.
Horn portfolio
Heterogeneous portfolio of stand-alone properties and retail parks with total combined rentable space of 155,000 sq.m.
Investor
MSREF VII/redos
Asset management
redos
Concept / leasing
redos
Concept / leasing
Juni 2011
Exit
Individual asset sales and structuring of two portfolio sale transactions (together with assets from the Bavaria and Tobago portfolios), finalised in the first quarter of 2017
We acquired the Horn portfolio, consisting of 18 retail properties, in June 2011, as an opportunistic investment under our joint venture with Morgan Stanley. The heterogenous portfolio consisted of stand-alone properties as well as retail parks, with anchor tenants including some of Germany’s biggest retail names: Real, Rewe, Adler, and Media Markt. The portfolio’s total combined rentable space was roughly 155,000 sq.m. Our experts successfully stabilised and raised property values by negotiating good long-term leases with anchor tenants, terminating other leases, developing and implementing strategic refurbishment plans, repositioning the properties in their markets, signing leases with new tenants, and developing a sound, value-maximising exit strategy.
Bavaria portfolio
19 retail properties throughout Germany, consisting largely of real,- hypermarkets, with total combined rentable area of 203,000 sq.m.
Investor
MSREF VII/redos
Asset management
redos
Concept / leasing
redos
Acquisition
October 2010
Exit
Individual asset sales, smaller package sales, and structuring of two portfolio sale transactions (together with assets from the Horn and Tobago portfolios), finalised in the second quarter of 2017.
We founded our first joint venture with Morgan Stanley in 2010 – and in October of the same year, we acquired the Bavaria portfolio of 21 properties as an opportunistic investment. Among these were 19 large retail properties throughout Germany, with total rentable space of approx. 203,000 sq.m. – and with most of these real,- hypermarkets (part of Metro Group) in the southern German state of Bavaria. To maximise the value of this portfolio, our experts successfully negotiated long-term lease prolongations with the respective anchor tenants on favourable terms, as well as termination of other leases, planning and execution of strategic refurbishment investments, repositioning of the properties in the market, and development of a clear, value-maximising exit strategy.
Redos Einzelhandel Deutschland I + II institutional funds
Two institutional-only investment funds investing in large-scale retail properties throughout Germany within the core and core-plus segments.
Investor
Institutional investors
Fund, asset and transaction management
redos
Service-providing investment management company (KVG)
Union Investment
Redos Einzelhandel Deutschland fund:
Launch date: June 2014
Target size: EUR 600 million
Invested assets: EUR 571.7 million (as of 31 July 2019)
Redos Einzelhandel Deutschland II fund:
Launch date: September 2017
Target size: EUR 1.2 billion
Invested assets: EUR 948.5 million (as of 31 July 2019)
Together with Union Investment, one of Germany’s largest and best known investment management groups, we manage two retail property investment funds, Redos Einzelhandel Deutschland and Redos Einzelhandel Deutschland II. Through these two AIFs, restricted to institutional investors, we invest in core and core-plus large-format retail properties throughout Germany. We are responsible not only for fund management but also for asset management and transaction management, and we are the first point of contact for the market, including both tenants and sellers of potential investment properties. Union Investment is responsible for providing the equity capital and is, in its capacity as fund management company (KVG), the service provider for all fund administration activities.
In 2018, we were again able to make several superb acquisitions for these funds, such as the Olymp portfolio, bringing assets managed by the two funds to their current combined total of some EUR 1.5 billion. The portfolio now consists of 82 retail properties throughout Germany with total combined rentable space of approx. 808,500 sq.m.
