Rockspring Property Investment Managers has acquired a retail warehouse in Dortmund for EUR 36.5 mln, reflecting a yield of over 7%. The fund manager carried out the transaction on behalf of the Rockspring German Retail Box Fund LP (GRBF) .

The vendor was Credit Suisse's CS Euroreal fund.

The Hornbach Zentrum centre comprises a total of 31,000 m2 of retail space to the north of the town centre. It is anchored by a 19,000 m2 Hornbach DIY store and has a further 12,000 m2 of retail space let to tenants including Lidl, Tedox, Rewe, Burger King and a major pet shop.

The asset will be managed by Prime Management, Dusseldorf.

This purchase increases the overall assets under management within GRBF to EUR 610 mln and follows the acquisitions in Leer, Neuss and Kassel earlier this year. The acquisition brings Rockspring’s assets under management in Germany and Switzerland to over EUR 1.3 bn.

Stuart Reid, partner in the Berlin office of Rockspring, said the asset 'augments the defensive nature of the fund, due to the low capital cost involved as well as the high quality tenant covenants and attractive unexpired average lease terms in excess of seven years'.

Rockspring has gross assets of EUR 7.4 bn in funds under management and undrawn commitments.