German asset manager Redos Group, together with Union Investment, established a new alternative investment fund targeting an initial volume of €600 million.
On behalf of AEW subsidiary AEW Ciloger, Redos has acquired 10 retail parks in western Germany from Invesco Real Estate for the fund. The purchase price was not disclosed. The assets, which make up the Bordeaux portfolio, cover a total rental area of around 101,000 square meters and are 98% occupied. They are in towns and cities including Hanau, Kehl, Mülheim an der Ruhr and Mannheim.
Union Investment will handle the administration of the fund, according to a release.
