redos sets up special AIF “Redos Einzelhandel Deutschland II”
- Administration of the fund handled by Union Investment under a third-party AIFM mandate
- First Portfolio “Bordeaux” with ten retail parks and a total rental area of around 101,000 m2 acquired
- Long-term tenants include Kaufland, Edeka, real,- and REWE
Hamburg, 28 November 2017 – The redos Group from Hamburg, one of Germany’s leading independent retail property specialists, has set up the new special AIF “Redos Einzelhandel Deutschland II” together with Union Investment. Within the framework of this cooperation, Union Investment raised the necessary equity from among its broad network of institutional investors and will handle the administration of the fund under a third-party AIFM mandate. redos is responsible for key areas of fund, asset and transaction management. The target volume of the new special AIF is initially EUR 600 million. Just like its predecessor “Redos Einzelhandel Deutschland”, the new fund is designed for professional and semi-professional investors.
In western Germany, redos has already bought ten retail parks for the new fund. The uniform “Bordeaux” portfolio has a total rental area of around 101,000 m2 with an occupancy rate of 98 %. The properties are located in towns and cities such as Hanau, Kehl, Mülheim an der Ruhr and Mannheim. Tenants include Kaufland, Edeka, real,- and REWE – long-term leases are in place for all the properties let by retailers.
“Outstanding starting portfolio”
“Bordeaux” was sold by the global real estate investment manager Invesco Real Estate for AEW Ciloger, a subsidiary of AEW. Invesco Real Estate has been actively managing the retail portfolio since 2010, anticipating the increased interest in retail parks since its acquisition. It has been agreed not to disclose the purchase price of “Bordeaux”.
All ten properties in the Bordeaux portfolio were built between 2008 and 2010 and are
therefore in excellent condition. They are located centrally within towns or cities or at established outlying districts with large catchment areas. The portfolio was originally developed by Hanseatische Betreuungs- und Beteiligungsgesellschaft mbH (HBB).
“With ‘Bordeaux’ we have secured an outstanding starting portfolio for our new special AIF. Such quality is rare on the market today. Naturally, we are all the more pleased that in these highly competitive times we were successful among a large field of bidders,” said Torsten C. Wesch, Managing Director and Head of Fund Management at redos. The portfolio will now be further developed in a close dialogue with the tenants. “We feel there is great long-term potential here,” explained Wesch. At the same time, planning is already under way for the next purchases. The new “Redos Einzelhandel Deutschland II” special fund will gradually be expanded further.
redos was advised by the law firm Noerr in the acquisition of the “Bordeaux portfolio”. The transaction was overseen for the seller by Invesco Real Estate, JLL and Clifford Chance.
The redos Group is one of the leading independent retail property specialists, focussing on the areas of investment, asset management, fund management, redevelopment and advisory. As an investor and active asset manager, the company covers the entire value chain for large-scale retail properties – for hybrid and conventional shopping centres as well as for retail parks and hypermarkets. redos serves all risk classes and offers every type of investment vehicle for institutional investors. In addition to acting as a co-investor, the company has ex-cellent tenant access and extensive revitalisation expertise. redos looks back on a long track record in the field of restructuring and value optimisation. The retail property specialist cur-rently manages a portfolio worth more than €1.3 billion at 42 locations throughout Germany and a total of 562,000 m2 of rental space. With its property database ROB, the company has access to detailed information on more than 17,000 retail locations nationwide. The redos Group has a total of 36 employees at its head office in Hamburg and in Lohmar nearby Co-logne. The top management is represented by Oliver Herrmann and Carsten Wimmer. For further information visit www.redos.de