DORTMUND, GERMANY-Rockspring Property Investment Manager, on behalf of Reocspring German Retail Box Fund LP, is purchasing a well-tenanted retail warehouse from CS Eureal. The 31,000-square-meter Hornbach Zentrum clocked an acquisition price of €36.5 million.
Anchored by a 19,000-square-meter Hornbach DIY store, the remaining 12,000 square meters boast a tenant roster of Lidl, Tedox, Rewe and Burger King. Prime Management, Dusseldorf will manage the property. All tenants have leases over seven years left.
The property acquisition is part of the fund’s mandate to amass retail, although it is noted in the release that office and industrial 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 the next year and a half.
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