Retail park in Marne. Credit: GRR Group

GRR Group acquires two retail parks in Germany

In the beginning of September, 2021, GRR Group bought two retail parks in Marne/Schleswig-Holstein and Krostitz/Sachsen for the German Retail Fund No. 3 and 4, respectively. Both transactions were asset deals with full disclosure on the total purchasing sum.

Marne is located in the North-West of Schleswig-Holstein, only six kilometers from world heritage site “Schleswig-Holsteinisches Wattenmeer”, connected to Hamburg through the B5 and A23. Since 2012, the retail park is located on a 11,000 sq m property within the central service area of the city, with plans of expansion currently underway. It neighbors residential and mixed-use areas with retail, service, and gastronomy offerings.

The retail park consists of three building sections, which produce a commercial space of 5,200 sq m, main anchor Rewe occupying 2,200 sq m of the first building alone since 2020 (the park has a 53% food share). Textile company Ernsting’s Family and HypoVereinsbank are present in the second building. Across the street, tenants Netto, Rossman, NKD, and a bakery complement the offer. In addition, a shared parking lot with the capacity for around 120 vehicles and 34 residential units of about 2,200 sq m on top of the retail space complete the site.

More purchases and expansions planned

15 kilometers from Leipzig, Krostitz in Sachsen is the site for the second retail park with a food share of 86%. The building was constructed in 2012 with around 2,000 sq m of rental space on a 7, 400 sq m land. Penny is the main anchor and is accompanied by F&B tenants, a bakery, meat market, pharmacy, and a flower shop.  

GRR Group has already proceeded negotiations for the acquisition of more objects for the German Retail Fund No. 4 with a prospected end of the investment phase in 2022. The anticipated investment volume has been raised to around €450 million. This alternative investment fund focuses on the retail segment “basic retail”, long-term lease contracts, stable lease-cash-flows, and creditworthy anchor tenants within the German food retailing sector.

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