PURetail Fund Purchases German Mixed-Use Asset
The Pan-European Urban Retail Fund (PURetail), which was launched by Cushman & Wakefield Investors and Scottish Widows Investment Partnership, has made its first investment, acquiring a 4,800-square-metre office and retail building in Düsseldorf for nearly €20 million. Tenants of the mixed-use property at Kasernenstrasse 1 include Diesel and Mavi Jeans.
“The property is an ideal first purchase for PURetail as it delivers immediate stable cash flow,” says Jens Göttler, the fund’s asset manager. “In addition, the asset is significantly underrented and in a location where there is potential for value enhancement following completion of the metro and therefore offers interesting future potential for the fund.”