The buyer is Captiva Investment Management GmbH, a Hamburg-based asset and investment manager for institutional investors, which will take over the property after completion for a fund under its management.
The purchase agreement foresees that 777 Capital Partners will continue to be fully responsible for the project development until the opening of the retail park. The property development with a lettable area of approximately 10,000 sq m is progressing according to plan. Completion of the property and handover to Captiva is planned in spring 2022. Long-term leases have already been signed for the property with the creditworthy anchor tenants Edeka, Netto, Müller and NKD. Most recently, Fressnapf and the medical supply store Reha Team Nordbayern have signed lease contracts for the property. Further contract negotiations are already being held with other interested parties regarding the few remaining units.
The “Oberpfalz-Arkaden” are being built at a highly frequented location in the city center and on the main thoroughfare of Sulzbach-Rosenberg. Sulzbach-Rosenberg has 20,000 inhabitants and is located in the economically strong Nuremberg metropolitan region. Customer needs will be met with a comprehensive range of groceries, drugstore products, textiles and other articles for daily use, as well as a wide range of services.
“We see strong investor demand for retail parks and local shopping centers in economically stable locations–as is the case with this project in the Nuremberg metropolitan region. Its attractiveness is also reflected in the high pre-letting rate and the long-term leases in a project that is still in an early development stage. With Captiva, we have found a contractual partner early on who has recognized and appreciates the full potential of the property,” says Thomas Landschreiber, partner and co-founder of 777 Capital Partners, and adds that he will maintain a close look at this attractive market segment for further project developments and investments.
Stephan Fritsch, founder and managing partner at Captiva adds: “We are pleased to have found a very attractive addition to our portfolio comprising retail parks at more than 150 locations. With the Oberpfalz-Arkaden, we consider investor interests for long-term stable, value-retaining distributions. We continue to explore opportunities to further develop and expand our portfolio in this segment.”