Redevco Buys Elisen Park Greifswald Retail Park From Patrizia in Germany
LONDON — Redevco has acquired Elisen Park Greifswald, a retail park in the northeastern German region of Mecklenburg-Vorpommern, for its Redevco European Retail Parks (RERP) fund. The seller is Patrizia SE, the firm announced on Oct. 8, 2026. The acquisition is the third German asset in the RERP fund's portfolio.
Redevco, a privately owned European real estate manager with about €10.5 billion in assets under management, said the property sits roughly 2.5 hours north of Berlin. CBRE acted as broker for the seller.
Elisen Park Greifswald Property Details
Elisen Park Greifswald opened in 1993 and was fully refurbished in 2024. It sits on a plot of about 115,000 square meters (about 1.24 million square feet) on the southeastern outskirts of Greifswald, near the B109 and A20 highways and public transport. The property has more than 39,000 square meters (more than 420,000 square feet) of lettable area and 1,770 parking spaces.
About 90% of the space is let to 41 tenants. Anchor tenants with long-term contracts include home improvement chain OBI, food retailer Kaufland, consumer electronics chain MediaMarkt and drugstore Rossmann. About four million people visit the center each year. The property is classified as a core-plus/value-add asset.
Redevco Executives on the Acquisition
Markus Haimerl, Director Transactions at Redevco, said Germany is a key market for the RERP fund and for the firm's retail warehouse park strategy. "This acquisition not only increases the WAULT of the fund's portfolio but also its exposure to the stable and mature German market. It is not every day we add an asset of this size, importance and potential. We look forward to leveraging our active asset management expertise to create value for customers, tenants and our investors alike," Haimerl said.
Israel Casanova, Investment Director of the Redevco European Retail Parks Fund, said the asset benefits from a strong presence of convenience and essential retail operators. "[This provides] a resilient and defensive income profile supported by recurring customer footfall. Likewise, we are very happy with the successful capital deployment of the fund," Casanova said.
Patrizia's Asset Management Strategy
Daniel Dreyer, Head of Investment Management Transactions DACH at Patrizia SE, described the sale as the completion of a long-term investment strategy. Patrizia's asset management team moved the property's leasing structure from a master lease model to individual leases with a diversified tenant mix. "In doing so, we were able to create additional value for our investors and deliver an attractive result upon exit," Dreyer said.
RERP Fund Deployment and ESG Plans
With the acquisition, the RERP fund has deployed approximately 80% of its committed capital. Its portfolio now totals 14 assets across five European countries, and additional acquisitions are being pursued as the fund moves toward full deployment. Redevco's retail parks portfolio totals €5.5 billion in assets under management.
Redevco plans to further improve the asset's value and ESG performance and is targeting BREEAM Excellent certification. Planned measures include fully modernizing the roof, adding solar panels and installing electric vehicle charging points in the parking lot.
The fund's two earlier German assets are smaller. Bahnhofsarkaden Leutkirch, acquired in January 2026, comprises 13,025 square meters, was 94% occupied and has 14 tenants. The Forettle Center in Kaufbeuren comprises 10,600 square meters, was reported as 98% let and has 18 tenants. Elisen Park has nearly three times the lettable area of Leutkirch and more than three times that of Forettle, with 90% occupancy.
Market Context: Retail Parks and Redevco's German Platform
Redevco's German retail park strategy traces to its 2022 acquisition of a majority stake in redos, a Hamburg-based specialist in retail warehouse parks and convenience retail properties. Redevco said the combination created one of Europe's largest retail warehouse park asset-management platforms. The redos brand was subsequently rebranded as Redevco in 2024.
The anchor tenants at Elisen Park operate in home improvement, grocery, electronics and drugstore categories, which generate recurring consumer demand. The property's roughly 90% occupancy leaves more leasing room than the two earlier German RERP acquisitions.
Advisers on the Transaction
CBRE served as broker, K&L Gates as legal counsel and TA Europa as technical due diligence provider for the seller. Redevco was advised by REIUS (legal), Goldbeck and SVB Schaub (technical due diligence), Terraplan (environmental due diligence), JLL (valuation), BNP Paribas RE (commercial due diligence) and PwC (tax and structuring).
Sources
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