Rockspring JV buys German retail warehouse portfolio
Rockspring Property Investment Managers has completed, with PGGM and AG Real Estate, a €350 million($395.6 million) acquisition of a value-added portfolio of German out-of-town retail warehouse assets. The seller was a joint venture between Capital & Regional Plc and a real estate fund managed by Ares Management.
Together with existing ownerships, the transaction extends Rockspring’s relationship with Real, one of Germany’s out-of-town food retailers, which operates across seven of the 23 assets, and makes Rockspring one of its principal partners and store owners.
The properties will be managed by Prime Management.
This year marks the 10th year of PGGM investing in German out-of-town retail with Rockspring, and the transaction marks AG Real Estate’s first retail real estate investment in Germany.
The transaction brings Rockspring’sassets under management in German and Swiss retail warehouses or big-box stores