Credit: redos

redos buys Äppelallee-Center retail warehouse in Wiesbaden, Germany

Hamburg-based large-scale retail property specialist redos Group has acquired the Äppelallee-Center in Wiesbaden near Frankfurt. The purchase was made on behalf of the special AIF "Redos Einzelhandel Deutschland III".

The special AIF “Redos Einzelhandel Deutschland III” invests in well-positioned retail warehouses and hybrid shopping centers with economic development potential across Germany. The fund was launched in 2019 by redos and Union Investment. The latter raised the necessary equity from its broad investor network and, acting as a KVG, is responsible for fund administration. redos is responsible for fund, asset and transaction management as well as leasing.

The seller of the hybrid retail warehouse with a total GLA of around 26,000 sq.m. is the open-ended real estate special AIF “Pradera Open Ended Retail Fund” which is administrated by an INTREAL Service KVG. The parties agreed not to disclose the purchase price.

The center was last revitalized in 2010 and is part of a large retail park with a catchment area well beyond the city limits of the Hessian state capital. Current anchor tenants are Real and Media Markt. The center, which is almost fully leased, has a total of 38 rental units and is characterized by an attractive tenant mix. It lies on a 69,500 sq.m. plot and offers parking spaces for around 1,160 cars. Most recently, the center was managed by fund and asset manager Pradera.

“Äppelallee-Center is a perfect match for our overall investment strategy. It provides high customer frequency as well as an attractive turnover to our special AIF. The location and accessibility are exceptionally good. Against this backdrop, we see attractive letting prospects here and thus significant development and value-add potential,” says Frank Eckervogt, Managing Director at redos.

“In the current difficult market environment for retail properties, we are pleased that the sale of the Äppelallee-Center was successfully concluded, and at an attractive purchase price, for the Pradera Open Ended Retail Fund,” says Colin Campbell, Chairman of Pradera.

redos was advised by REIUS Rechtsanwälte and EY in the transaction. Pradera was advised by Frantzen Steinhardt Wehle Rechtsanwälte, CBRE Capital Markets and CBRE Building Consultancy.

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

Across Retail Talks online, May 19, 3pm (cet)

Challenge accepted: What does it take right now to implement successful retail concepts?

SES focuses on multifunctional use at shopping locations

CITYPARK Graz, Austria to offer modern plasma donor center.

Lena Hoschek is opening her new Flagship Store with 300m² on May 3rd – thanks to Colliers as leasing agent

The Austrian star designer Lena Hoschek is opening on May 3rd a new Flagship Store in the heart of Vienna.

De Gasperi Passage in Germany: Home and decoration retailer Rusta follows Karstadt Sport

Nice prospects for Norderstedt: Rusta, the Scandinavian specialist for home, garden and leisure items, will be the new anchor tenant in De-Gasperi-Passage with more than 2,500 m² of retail space. With the signing of the long-term lease, the successful starting shot has been given for the re-letting of the former Karstadt space.

Resignation of Cédric Biquet as CFO of Wereldhave Belgium

Wereldhave Belgium NV announces the resignation of Mr. Cédric Biquet as Chief Financial Officer of the Company.

Altera Vastgoed acquires Albert Heijn supermarket in Nijmegen, Netherlands, from Ten Brinke

Real estate investor Altera Vastgoed NV (hereinafter: Altera) recently added a supermarket to its portfolio. This investment, located in the municipality of Nijmegen, is the 43rd supermarket Altera has added to its retail portfolio.