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Kortumhaus in Bochum, Germany. /// credit: Holger Peters
Kortumhaus in Bochum, Germany. /// credit: Holger Peters

HIH Invest Sells Kortumhaus Landmark Building in Bochum

HIH Invest Real Estate (“HIH Invest”) sold a mixed-use office and retail building from the portfolio of a closed-end institutional fund to wohninvest Holding, a company domiciled in Fellbach near Stuttgart.

The property located in the high-street pedestrian precinct of Bochum, at Kortumstrasse 72, has a lettable area of 17,511 sq m across six upper floors. The vintage landmark retail building from 1921 was originally constructed as a department store. Over the years, it underwent several structural alterations, refurbishments, and upgrades, most recently in 2018.

“In architectonic terms, Kortumhaus is among the most significant historic departments stores anywhere. Executed in compliance with the listed building consent, the structural alteration and refurbishment measures won several awards, including the 2003 Federal Award for Monument Conservation and the Preservation of Historic Buildings. We are glad about the opportunity to sell the asset at this time, having generated a sound annual overall performance throughout the holding period”, states Jens Nagelsmeier, Head of Transaction Management Retail & Healthcare at HIH Invest.

The property occupies a plot of 4,482 sq m right in the town center of Bochum. Kortumhaus is conveniently accessible by public and private transportation, being close to an underground station and directly connected to a municipal multi-story car park. Moreover, the city’s central railway station is a walk of eight minutes away.

“Kortumhaus is a very special property directly in the heart of Bochum”, adds Dominik Sikler, Managing Director of the wohninvest group. “The building has an impressive history, and we are very pleased we had the chance to acquire this commercial building from HIH Invest Real Estate.”