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Europa Fund Buys German Retail Portfolio

LONDON-The Europa Fund has bought a portfolio of six German department stores from Redevco, the property arm of the privately-owned retailer C&A for euro 48 million ($41 million).

By Graham Parker | Updated on June 13, 2001

LONDON-The Europa Fund has bought a portfolio of six German department stores from Redevco, the property arm of the privately-owned retailer C&A for euro 48 million ($41 million).

The stores are located in Bielefeld, Erlangen, Hamburg, Hamm, Moenchengladbach and Oberhausen. All are in prime town centre positions and total 363,365 sf. Five of the properties are leased to C&A Mode KG, with the sixth – in Oberhausen – leased to Lindex, a Scandinavian retailer.

Robert Martin, Associate Director at Europa Capital Partners, advisor to the Europa Fund, said: ‘The stores offer good cash flow and the potential for adding value. We were able to source this investment with the help of our German country partner, Project-Construct, who will also provide day-to-day asset management for us.’.

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