Brack Capital sells retail assets to Redos at a discount
The Adler subsidiary Brack Capital Properties (BCP) has sold eleven hypermarkets from its retail portfolio to the investor and asset manager Redos, which is carrying out the transaction for its purchase mandate for Union Investment. The portfolio contains eight OBI home improvement stores (Dreieich, Kassel, Laatzen, Leverkusen, Düsseldorf, Cologne, Bad Segeberg, Emden), Kaufland stores in Bad Aibling and Vilshofen, and one Toom home improvement store in Witten. The price, according to Adler, was 8.8% below the properties’ GAV of €141.1mn. BCP sold three retail properties to Benson Elliot last March. The sales are part of Adler’s strategy to remain a pure play German residential real estate company. It intends to dispose the remaining 33% of its BCP commercial portfolio, valued at around €158.2mn, by 2020 at the latest.
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