Acquisition

ZDR Master Fund expands Austrian portfolio with two retail acquisitions

Date: March 9, 2026

ZDR Investments has completed two new transactions in Austria that will further expand the portfolio of the ZDR Master Fund, the group’s core European real estate vehicle focused on grocery-anchored retail parks. The acquisitions strengthen the fund’s presence in one of Central Europe’s most stable retail property markets.

The two projects have a combined value of approximately EUR 68 million and further increase the fund’s exposure to the resilient retail park segment in Austria. The acquisitions also deepen ZDR Investments’ partnership with Austrian developer Rutter Immobilien, from whom the group acquired two retail parksEUCO Wolfsberg and Eugendorf retail park near Salzburg — at the end of 2025.

The ZDR Master Fund forms the core portfolio of European retail assets through which international investors gain exposure to grocery-anchored retail real estate across Central Europe.

New retail parks

PRO Linz

PRO Linz visualization. Source: RieplRiepl and Studio Singer

One of the acquisitions is PRO Linz, a shopping centre currently under development in the Urfahr district of Linz, the capital of Upper Austria. The project is located close to the broader city centre and serves a residential catchment area of more than 24,000 inhabitants.

The centre is scheduled to open on 25 June 2026 and will be among the most modern retail developments in the region in terms of architectural and technical standards. The scheme will comprise 18 retail units, all of which are already fully leased.

The tenant mix will be anchored by grocery retailers BILLA Plus and Lidl, which together will occupy nearly 50% of the leasable area. The retail offering will be complemented by brands such as dm drogerie, Müller, Action, Takko and Deichmann. The project will also include the L’Osteria restaurant, Winkler bakery and a Speed Fit fitness centre providing more than 1,300 sqm of training facilities.

Under the terms of the agreement with Rutter Immobilien, ZDR Investments will assume ownership of the property in spring 2027, following the project’s full completion, opening to the public and the issuance of all required permits.

Amstetten West

Amstetten West retail park

The second acquisition is Amstetten West, a retail park located in the main commercial zone of the city of Amstetten, which serves as the primary retail hub for a region with more than 100,000 inhabitants.

The property underwent a comprehensive refurbishment in 2020, including an extension of the retail scheme and the addition of new tenants. The transaction value exceeded EUR 11 million.

Together, the acquisitions further reinforce ZDR Investments’ long-term cooperation with Rutter Immobilien, one of Austria’s leading developers specialising in retail real estate.

“Through earlier acquisitions such as EUCO Wolfsberg and Eugendorf, we have already seen the quality and consistency of Rutter Immobilien’s projects. PRO Linz and Amstetten West confirm that we are partnering with a developer capable of delivering high-quality retail assets in strong regional locations,” says David Čubr, CEO of ZDR Investments.

International investors from Southeast Asia can access the ZDR Master Fund through the Singapore-domiciled feeder structure ZDR Investments SG VCC. This vehicle provides exposure to a diversified portfolio of European grocery-anchored retail parks managed by ZDR Investments.
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