Credit: Bechtolsheim Real Estate

HIH Invest Acquires Warnow Park retail center in Rostock

HIH Invest Real Estate acquired Warnow Park in Rostock (Germany) on behalf of an individual mandate given by an institutional investor. The district center in the Lutten Klein district was sold by Highstreet VIII, a retail property fund managed by Corestate.

The property opened in 1995 and was greatly modernized in 2010. The net internal area of 40,470 sq m divides into about 26,000 sq m of retail floor area on the first two floors. The three levels above provide more than 1,000 parking spots, while the basement is used for storage. In addition, there are about 30 split-level apartments with a combined floor area of approximately 2,300 sq m on the second and third floor, as well as 1,125 sq m of office space.

The long-term anchor tenant of the property is Edeka Nord, a food retail chain that operates an E-Center hypermarket on 8,224 sq m. The primary sub-tenants include the retail chains KIK and Takko, dm Drogeriemarkt, and Jysk. Ten units are currently occupied by gastronomic venues. The remaining term of the triple net lease is around 18 years.

The retail center was resilient during the coronavirus crisis. “Out of the total of about 50 retail units, around 30 remained open for business throughout the pandemic,” commented Jens Nagelsmeier, Head of Transaction Management Retail at HIH Invest.

HIH Invest received legal and tax advisory from Baker Tilly Rechtsanwaltsgesellschaft mbH based in Frankfurt am Main. The technical due diligence, which includes ESG aspects, was undertaken by C.P.H. Projekt- und Baumanagement GmbH (CPH) from Hamburg. The market and location analysis was compiled by bulwiengesa AG. Bechtolsheim Real Estate brokered the deal as estate agent.

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