Credit: Captiva
Credit: Captiva

CAPTIVA ACQUIRES LURUP CENTER IN HAMBURG, GERMANY FROM CBRE INVESTMENT MANAGEMENT

The investment and asset manager Captiva, together with KVG Universal Investment, have acquired the established local shopping center Lurup Center in the west of Hamburg from CBRE Investment Management.

The property has approximately 13,300 sq m of of leasable space and around 410 parking spaces. The main tenants are Kaufland, Rossmann, Action, KiK and the Diakonie. The tenant mix is rounded off by complementary users from the gastronomy sector and other local amenities such as a Postbank branch, a bakery and a pharmacy.

The center provides an attractive opportunity with its long-term leasing situation, the central location in the Hamburg district of Lurup with a population density of 5,700 inhabitants per sq km, the very good accessibility through two bus stops with more than 11 bus lines in the immediate vicinity of the property and its own parking deck as well as the sustainable quality the property posesses, which is confirmed by a BREEAM certification of “Very Good” for both the building itself as well as the operator.

Stephan Fritsch, Managing Director at Captiva, says: “We are delighted to have been able to acquire this established local shopping location in our local market. We are convinced that the Lurup Center, as a central contact point for the surrounding population, will make a significant contribution to the local supply at the location. In addition, the location will continue to develop positively due to the numerous developments in the surrounding area, making it an attractive addition to our existing portfolio.”

Torben Neumann, Managing Director at Captiva, adds: “We are pleased that we were able to realize this transaction in times of challenging market conditions. Once again, we have successfully demonstrated that we are a reliable partner with high transaction security, regardless of market cycles. We would also like to take this opportunity to thank CBRE Investment Management for the very professional and at all times goal-oriented cooperation.”

“The Lurup Center is one of our success stories in the retail portfolio. The center of the district has succesfully come through the Corona Pandemic as a local shopping center. Through active asset management, we have renewed some leases and attracted new tenants over the last few years, successfully completing the investment’s business plan for our single mandate.” says Marius Schöner, Country Manager Germany at CBRE Investment Management.

Captiva acted as investment manager in the transaction for a special real estate fund administered by KVG Universal Investment. The transaction was advised by Jebens Mensching (Legal & Tax) and Consulting Partners Hamburg (Technical).

CBRE Investment Management was advised on the transaction by BCLP (legal and tax) and Drees & Sommer (technical).

The transaction was brokered by CBRE GmbH.

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