AEW acquires fully let retail park in Nuremberg, Germany

AEW has acquired the Aisch-Park-Center in Germany, a newly developed retail park, located in Nuremberg, on behalf of a joint venture between two of its funds, Actipierre Europe and Pierre Plus. The asset has been acquired from a joint venture between the Zauritz Group and the KLAPPAN Group.

The fully let property is located in the metropolitan area of Nuremberg, Bavaria’s second-largest city, and comprises a total lettable area of 21,500 square meters (231,000 square feet) and 700 parking spaces. The main tenants include high-quality brands such as Rewe, H&M, Dehner, Netto and Woolworth. A total of 27 occupiers have committed to long-term leases with an average length of over 10 years.

The scheme was recently completed and opened to the public in October 2018.

Matthieu Samaran, investment director at AEW, commented, “The Aisch-Park-Center is strategically positioned and benefits from an economically strong catchment area. Together with its modern layo