M&G Real Estate has acquired Real Hypermarket, a retail investment located in an established mixed commercial area of Wuppertal, North Rhine-Westphalia, Germany for EUR17.2m.
The purchase was made on behalf of the M&G European Property Fund, managed by Rob Tidy and David Jackson of M&G Real Estate.
The property, situated in a region with limited market competition, comprises a hypermarket, covering a total lettable floor space of 9,328 square metres. The entire property underwent a significant refurbishment in 2011 and is let to Real SB-Warenhaus until December 2027. Real is the hypermarket brand of the Metro Group, the fourth largest global retailer.
Tidy says: “This high quality asset, situated in a core northern European market will be an excellent addition to the fund. The long lease and the tenant’s excellent credit-rating combined with the strong sector fundamentals and attractive yield makes this a good defensive play.”
The M&G European Property Fund was advised by Cushman & Wakefield Investors; the vendor was not represented.