Noerr advises redos on the takeover of ten retail parks
Noerr has advised the Hamburg-based redos Group on a complex real estate project, the acquisition of the “Bordeaux Portfolio”. redos has together with Union Investment established the new special AIF “Redos Einzelhandel Deutschland II”.
Through this cooperation Union Investment has acquired the necessary equity from its broad network of institutional investors and is assuming the administration of the fund as investment management company. redos, one of the leading independent commercial real estate specialists in Germany, is responsible for key areas of the fund, asset and transaction management. The target volume of the new special AIF is initially €600 million. Like its predecessor product “Redos Einzelhandel Deutschland”, the fund is aimed at professional and semi-professional investors
In western Germany, redos has, by acquiring the “Bordeaux Portfolio”, now purchased ten retail parks as an initial portfolio for the new fund. The homogenous portfolio has overall rental space of approximately 101,000 m² and an occupancy rate of 98 per cent. The properties are located in cities such as Hanau, Kehl, Mülheim an der Ruhr and Mannheim. Tenants include Kaufland, Edeka, real- and REWE – all retailers have entered into long-term leases for the properties concerned. The “Bordeaux Portfolio” was sold by the global real estate investment manager Invesco Real Estate for AEW Ciloger, a subsidiary of AEW.
All ten “Bordeaux Portfolio” properties were built between 2008 and 2010 and are therefore in a very good state of repair. They stand out on the basis of their city-centre locations or established peripheral urban locations with large catchment areas.
A Noerr Real Estate Investment Team headed by Annette Pospich acted for redos. With its Real Estate Investment Group (REIG), Noerr is able to offer its clients a unique range of legal services. The practice group is made up of more than 60 experts in all disciplines with relevance for the real estate industry and has continually increased its market share in recent years due to its interdisciplinary approach.
Advisors to the redos Group: Noerr LLP
Annette Pospich (REIG/Real Estate, Munich), Dr Martin Haisch (Investment Law, Investment Tax Law, Frankfurt, both lead), David Zafra Carollo (Düsseldorf, REIG/Real Estate), Dr Peter Bachmann, Tim Uschkereit (both REIG/Public Law, Munich), Dr Carsten Heinz (Tax, Berlin), Andreas Naujoks (REIG/Finance, Frankfurt)
Associates: Janina Diesem (Düsseldorf), Jessica Ploss (Munich), Bernd Bäumer, Franziska Zahoransky (both Frankfurt, all REIG/Real Estate), Katharina Luther (REIG/Public Law, Frankfurt), Juliane Fiebig (Tax, Berlin), Florian Schiefer (Investment Law, Investment Tax Law, Frankfurt), Sarah Blazek (Competition Law, Munich)