DEKA has acquired the retail property for its WestInvest TargetSelect Shopping fund.
The previous owners, Arax Properties Ltd and Partners Group, acquired the Seidnitz Center in Dresden's Seidnitz district in March 2017 via their joint fund.
Now, DEKA has acquired the retail property for its WestInvest TargetSelect Shopping fund. The shopping centre at Enderstraße 59 is almost fully let and comprises more than 33,300 sq m, of which approximately 20,000 sq m is retail space.
The local centre also includes around 10,300 sq m of office space and the largest medical centre in Saxony. As per the previous transaction, Savills advised the vendor throughout the entire sale process.
“The figures for the property are excellent. In addition to the high occupancy rate, the WALT of 7.2 years, the use mix of offices and medical practices and the eclectic mix of retail segments at the property give the product a diversified local amenity value,” said Jörg Krechky, Director and Head of Retail Investment Services Germany for Savills.
Multiples such as Aldi, Deichmann, dm and Rewe are among the anchor tenants that make the property an established district centre that has limited competition in the immediate catchment area. “The two food anchors secured on long-term leases particularly make the property an extremely attractive long-term investment,” added Krechky.
RPA Perspective It has been a busy time from Deka, which in May acquired the Les Dauphins retail park in Mouscron, Belgium, for the WestInvest TargetSelect Shopping sector fund, which is aimed at institutional investors. The property was sold by the Fidelity International Real Estate Fund. The parties agreed not to disclose the purchase price.
The retail park was built in 2013 and consists of two buildings with covered walkways arranged around an open area with 620 parking spaces, a playground and a café. It offers around 23,000 sq m of leasable space and is leased to 29 tenants. The main tenants are the full-range supermarket Delhaize, the home appliance store Krefel, the furniture and home decor company Maison du Monde and the H&M fashion chain.
Mouscron is located in the Wallonia region of Belgium close to the French border, around 20 km from Lille. Les Dauphins offers excellent transport access and is well-established regionally with a large share of stores for daily needs, Deka said at the time.
This transaction allowed the fund management of WestInvest TargetSelect Shopping to enter the market in Belgium. It also increased the share of the fund invested in retail parks.
