The company has acquired a multi-use neighbourhood retail centre in the town of Espelkamp in eastern Westphalia.
The property has a total lettable area of around 8,500sq m, and is almost fully occupied. It consists of five buildings that are grouped around a central parking lot with more than 300 spots. Anchor tenants include a Lidl discounter on 1,820sq m, a Müller Drogeriemarkt drugstore on 1,440sq m and a Woolworth of 2,650sq m of lettable area. The tenant mix is complemented by retailers of the textiles and footwear segments as well as by offices, doctors’ surgeries and service providers occupying smaller units. The acquisition was transacted in the form of an asset deal on behalf of “Warburg-HIH Perspektive Einzelhandel: Fokus Nahversorgung,” an open-ended special AIF specialising in grocery retail property.
Jens Nagelsmeier, Head of Retail Transaction at HIH Invest Real Estate, elaborated: “With its well-balanced tenant constituency and its blue-chip anchor tenants, the neighbourhood retail centre in Espelkamp is a particularly attractive asset for our institutional fund. The tenants are highly recognisable, and benefit from mutual synergy effects with retail and leisure options in the direct vicinity as well as from the surrounding residential areas.”