Gold Tree buys German retail properties
Zurich-based real estate investor Gold Tree Group has acquired a portfolio of four retail parks in Germany.
The properties acquired by Gold Tree are a 6,600 sqm Obi DIY store located on Frankfurter Allee in Berlin-Lichtenberg and a 5,500 sqm Kaufland store in Goslar (Lower Saxony). In addition, the investor acquired the two specialist store centers "Neue Mitte Ludwigsfelde" (Brandenburg), consisting of 18 rental units with a total sales area of 14,400 m² and the food retailer Edeka as anchor tenant, and "Anna Park" in Rödental (Bavaria), consisting of six rental units with a total sales area of 4,500 m² and the anchor tenant Rewe.
All properties were completed in 2016 and are leased on a long-term basis. The properties were developed and built by the Dutch Ten Brinke Group.
The total purchase price is approximately 70 million euros. The company believes in a "long-term positive development of attractive retail parks in Germany," says Gil Ben-Zur, CEO of Gold Tree. The portfolio in this area is therefore to be strongly expanded in the coming years.
The portfolio was financed by BayernLB. The future asset management for Gold Tree will be taken over by McCafferty following the economic advice already provided during the transaction.
