German hypermarket chain Kaufland has purchased a site in Adelaide to debut in the Australian retail space.
A subsidiary of the Schwarz Group, Kaufland purchased the property following a closure of the Le Cornu furniture store in October last year.
The deal was conducted under the supervision of real estate management companies CBRE and JLL.
When the site was listed for sale in September 2015, CBRE Metro Investment Sales associate director Ben Heritage said: “The Le Cornu site falls within the proposed Urban Corridor Business zone, providing for non-residential uses at ground level with high density multi-level development above.
“This would allow an incoming owner to capitalise on the site’s access to key transport infrastructure and exposure to Anzac Highway, which carries an estimated 50,000 vehicles a day and is the main transport corridor from the central business district (CBD) to Adelaide’s burgeoning southern suburbs.”
Kaufland operates more than 1,230 stores in Germany, the Czech Republic, Poland, Bulgaria, Croatia, Romania, and Slovakia.
German grocery retailer ALDI also has operations in Australia with a network of more than 470 stores across the country.