LUXEMBOURG-The German Retail Fund of London-based Cordea Savills has purchased five warehouses and one mall in Germany. The fund, based here, bought the sites for $38.4 million.

The industrial properties, with a total of about 130,000 square feet, serve as storage for retailers. Tenants include Edeka, Netto, dm Drogeriemarkt, Takko and Rossmann. The properties, located in Bavaria and Rhineland-Palatinate, sold for $24.5 million.

The 110,000-square-foot retail center, built near 2004, is near Dortmund. Tenants include Media Markt, Tedox and Danisches Bettenlager. This site was purchased for $13.9 million.

Christian Hartl, director at Cordea, said the properties offer asset management potential. They are all fully leased to tenants with strong covenants and all generate a high level of income, Hartl said in a statement.

As of December, Cordea managed $4.7 billion worth of assets. The above deal brings the fund ownership to 28 properties. The fund primarily targets shopping centers, out-of-town retail warehouse deals and retail centers dominant in their local catchment areas.

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