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Credit: redos

redos buys retail park in Gründau-Lieblos near Frankfurt

The Hamburg-based redos Group, which specializes in large-scale retail properties, has acquired the retail park in Gründau Lieblos near Frankfurt am Main. The purchase was made for the Union Investment Spezial-AIF “Redos Einzelhandel Deutschland III”. The property’s seller is the real estate investment manager Redevco, which had included the property in its portfolio in 2016 and has now successfully implemented its business plan. The parties have agreed not to disclose the purchase price.

Since its opening in 2003, the fully leased retail park in Rudolf-Walther-Strasse has been a highly frequented retail location with a rental area of around 21,700 sq m. With Bauhaus and Media Markt, the property has two anchor tenants with strong credit ratings. Rossmann is also among its many other tenants. The WALT is 9.9 years. The 61,000-sq m property includes a generous parking area with close to 800 free parking spaces.

Due to its location along the A66 freeway, the property is characterized by its optimal accessibility and excellent visibility. It is part of the specialty store agglomeration Kinzigtal-Zentrum Gründau-Lieblos, one of Germany‘s largest specialty store agglomerations with a supraregional catchment area and strong appeal. Located in the immediate vicinity are, among others, Möbel Höffner, Sconto, Matratzen Concord, Rewe, Aldi, Grill Fürst, and McDonalds.

Frank Eckervogt, Managing Director I Transactions at redos, says: “Due to its location in the middle of the retail agglomeration, the site benefits from strong mutual synergy effects. With this purchase, we have secured a top established property with upside potential that complements our existing portfolio very well.”

The municipality of Gründau is located not far from the cities of Gelnhausen and Hanau in the Main-Kinzig district of Hesse. It has an above-average centrality rating (299), high retention of retail purchasing power (184), and high retail sales (219). Population growth of 2.1 percent is forecast up to 2030. The cities of Offenbach and Frankfurt can also be reached by car within a 30-minute drive.

The special AIF “Redos Einzelhandel Deutschland III” invests in retail parks with stable value and specialist market-oriented shopping centers with economic development potential throughout Germany. The fund was launched in 2019 by redos and Union Investment. Union Investment has acquired the necessary equity capital from its broad investor network and is acting as capital investment company for the administration of the fund. redos is responsible for transaction, fund, and asset management as well as leasing.

Ernst & Young Real Estate GmbH performed the technical due diligence for redos in the transaction. Legal and tax advice to the buyer was provided by McDermott Will & Emery Rechtsanwälte Steuerberater LLP. terraplan Ingenieurbüro für Umwelttechnik was responsible for the environmental due diligence.

The seller was legally advised by Loschelder Rechtsanwälte and accompanied in the transaction by the real estate advisor CBRE.