Nuveen Real Estate expands German retail platform, acquiring retail park in Hagen

Nuveen Real Estate has acquired a newly developed retail park in Hagen, Germany, for its Core German Retail platform.

Adding to the existing portfolio, which comprises Campus Center Lübeck and Neuwied Galerie, this is the third property for the investment manager’s Core German Retail platform and adds to the €3.5 billion ($3.9 billion) total assets under management across Germany.

The retail park, totaling 9,124 square meters (98,210 square feet) of trade and office space, as well as a fitness studio, was completed this year in a new mixed-use development on the former production site of the rusk manufacturer Brandt. It has a diverse tenant mix and is almost fully let. The main tenants include REWE, ALDI and dm. The anchor tenant of the office space is Brandt Group. The project developer and vendor of the asset is HD Investitions- und Verwaltungs- GmbH.

In Hagen, REWE and ALDI are relocating their stores into the new retail park. With this move, both tenant