DORTMUND, GERMANY-Rockspring Property Investment Manager, onbehalf of Reocspring German Retail Box Fund LP, is purchasing awell-tenanted retail warehouse from CS Eureal. The31,000-square-meter Hornbach Zentrum clocked an acquisition priceof €36.5 million.

Anchored by a 19,000-square-meter Hornbach DIY store, theremaining 12,000 square meters boast a tenant roster of Lidl,Tedox, Rewe and Burger King. Prime Management, Dusseldorf willmanage the property. All tenants have leases over seven yearsleft.

The property acquisition is part of the fund’s mandate to amassretail, although it is noted in the release that office andindustrial properties will be considered, as well. Stuart Reid,partner at Rockspring notes in a release that the yield reached 7%on the purchase and that they anticipate rental increases over thenext year and a half.

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