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LONDON-The Europa Fund has bought a portfolio of six German department stores from Redevco, the property arm of the privately-owned retailer C&A for euro 48 million ($41 million).

The stores are located in Bielefeld, Erlangen, Hamburg, Hamm, Moenchengladbach and Oberhausen. All are in prime town centre positions and total 363,365 sf. Five of the properties are leased to C&A Mode KG, with the sixth – in Oberhausen – leased to Lindex, a Scandinavian retailer.

Robert Martin, Associate Director at Europa Capital Partners, advisor to the Europa Fund, said: ‘The stores offer good cash flow and the potential for adding value. We were able to source this investment with the help of our German country partner, Project-Construct, who will also provide day-to-day asset management for us.’.

“Supply of high street retail investments in Germany is scarce, since – traditionally – they are owned privately. We are pleased to have taken the opportunity to purchase well-located, well-let stores throughout Germany, Europe’s biggest economy,” said Christoph Gutmann, of Project-Consult.

The deal is the fund’s third in Germany, following acquisitions in Stuttgart and Neuss. So far, Europa Fund has invested euro 170 million ($146 million) in Germany. Its target is to place more than euro 1 billion ($0.86 billion) in Western and Central European commercial property. It aims to create a balanced portfolio of standing investments and development properties, with 70% of the fund’s capital invested in Western Europe and up to 30% in Poland, Hungary and the Czech Republic.

The fund is advised exclusively by Europa Capital Partners.

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