Redos buys Olymp portfolio from TH Real Estate
Redos Group has purchased the so-called Olymp portfolio with eleven retail parks and hybrid centers in Germany. The seller is a fund managed by TH Real Estate, the purchase was for the Spezialfonds “Redos Einzelhandel Deutschland II” issued with Union Investment. The package with a total of 141,000 sqm lettable space contains ten properties in Western Germany and one in Berlin, among them the Durlach Center in Karlsruhe, the Norder Tor in Norden near Emden, and the Allende Center in Berlin-Köpenick. The current lease rate is 98 %; the list of anchor tenants includes Kaufland, real, Edeka, Rewe, Penny, Rossmann, Saturn, the dm-drugstore chain, and expert. The buyer was legally advised by Latham & Watkins and technically by Drees & Sommer. The seller was supported by JLL and Graf von Westphalen, as well as Kucera as tax consultant. Technical advice was provided by EY.
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