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Hamburg, 24. February 2020 – Warburg-HIH Invest Real Estate (Warburg-HIH Invest) just acquired the
neighbourhood retail centre located at Wittrockstrasse 3/5 in the inner city of Kassel. The acquisition was transacted in the form of an off-market deal on behalf of “Warburg-HIH Perspektive Einzelhandel: Fokus Nahversorgung,” an open-ended special AIF focused on local retail centres. The acquired property is located in a good district location and highly visible from Wilhelmshöher Allee, the street that connects the parklands of Bergpark Wilhelmshöhe with the inner city of Kassel. It has a gross lettable area of around
5,400 square metres and 117 car parking spots.
The entire building is almost fully occupied. It is anchored by a Rewe food market that occupies more than 50 percent of the lettable area. Other major tenants include an Aldi discount supermarket and a Rossmann drugstore. The average remaining lease term among the property’s tenants is currently around nine years.
Originally built in 1972, the neighbourhood retail centre was redeveloped and topped up in 2003. In 2019, comprehensive upkeep works were carried out in the section occupied by Rewe and the forecourt parking outside Rewe.
“By acquiring the neighbourhood retail centre in Kassel we brought the portfolio of our fund up to twelve properties or c. EUR 238 million in real estate assets now,” said Thomas Christ, Senior Fund Manager at Warburg-HIH Invest. “Key arguments in favour of buying this property included the outstanding location and transportation access, the sound tenant structure and the existing capital appreciation potential.” HansJoachim Lehmann, Managing Director of Warburg-HIH Invest, elaborated: “The acquisition is helping us not only to boost the profitability of our local retail investment fund but are also to further diversify the regional spread of its portfolio and its tenant structure.”
“By acquiring the neighbourhood retail centre in Kassel we brought the portfolio of our fund up to twelve properties or c. EUR 238 million in real estate assets now. Key arguments in favour of buying this property included the outstanding location and transportation access, the sound tenant structure and the existing capital appreciation potential.”
Thomas Christ, Senior Fund Manager
Warburg-HIH Invest
“The acquisition is helping us not only to boost the profitability of our local retail investment fund but are also to
further diversify the regional spread of its portfolio and its tenant structure.”
Hans-Joachim Lehmann, Managing Director
Warburg-HIH Invest
info@hih.de