Trei Real Estate GmbH (“Trei”), an international developer and asset manager for residential and retail real estate, just disposed of two retail parks in Germany, one located in Düsseldorf and the other in Mönchengladbach. VALUES Real Estate, a property developer and investment manager, acquired the property in Düsseldorf for a separate account mandate that focuses on local amenities. GRR GARBE Retail Real Estate GmbH (“GRR GARBE Retail”) acquired the property in Mönchengladbach, and intends to add it to its GRR German Retail Fund No. 4. The parties agreed not to disclose the selling prices.
Pepijn Morshuis, CEO of Trei, commented: “We subject our portfolio to periodic reviews to align it with our strategy as needed. In recent years, we consistently disposed of properties that do not belong in the ‘supermarkets’ segment. This portfolio optimisation process is now drawing to a close, the goal being to complete it by the end of 2025.”
The property located in northern Düsseldorf, built in the year 2015, has a site area of 10,975 square metres. Its total lettable area of 3,552 square metres divides into the premises of an Edeka full-line grocer, a Rossmann drugstore and a Fressnapf pet supplies store plus a hairdresser and a Volksbank branch. Due to its proximity to the A44 motorway, to the airport and to the fairgrounds of Düsseldorf, the retail park is the perfect destination for visitors from these locations.
The retail park in Mönchengladbach was completed in 2011. Its lettable area adds up to 3,250 square metres. Tenants include an Edeka supermarket, a KiK clothing discount store and several service providers spread across two floors. In addition, there are various gastronomic amenities in the building. The site extends over a total area of 6,372 square meters and includes 96 on-site parking spots for tenant and customer use. The retail park straddles an intersection of two main arteries while being just as conveniently accessible by bus and rail services.
Real estate service provider Cushman & Wakefield acted as estate agent on behalf of Trei during both sales transactions. Legal counsel was provided by the Dentons law firm.