The neighborhood retail center Deli in Duisburg is fully let with a GLA of 18,700 sq m. Credit: CBRE.

Neighborhood Retail Center Deli in Duisburg was purchased by HIH Invest

HIH Invest Real Estate acquired the mixed-use retail center Deli in Duisburg, Germany. The property, which has been in business for more than 20 years in the city’s Rheinhausen district, has a total lettable area of about 18,700 sq m along with 568 car parking spots.

Anchor tenants are an “E-Center” hypermarket (Edeka) on 7,000 sq m and a “toom” DIY store on 8,800 sq m of lettable area. Other tenants include a Dänisches Bettenlager home furnishing store (1,100 sq m) and the Frütel Sport & Spiel retail warehouse (1,800 sq m). The average lease term (WAULT) of the fully occupied retail center exceeds eight years.

The purchased property will be added to the “Perspektive Einzelhandel: Fokus Nahversorgung” (Retail perspective: focus on local supply) special AIF  for local retail real estate, making it the 18th asset in the fund portfolio. The property types targeted by the open-ended institutional fund include retail parks and neighborhood retail centers in economically stable cities and conveniently accessed locations in city districts and inner cities in Germany.

Jens Nagelsmeier, Head of Retail Transaction at Warburg-HIH Invest, noted: “This retail park is the dominant local retail location within the city district of Duisburg-Rheinhausen, occupied by fast-selling mutually complementary retail tenants. The long-term leases, which have already been renewed several times over, are based on the revenues of the high-net-worth tenants at the site.”

There are five different driveways to access the parking lots of the standalone building sections either from Alsterlager Strasse or Homburger Strasse. The location is also conveniently accessible via the public transportation system. With its population of half a million residents, Duisburg on the western edge of the Ruhr is the fifth-largest city in North Rhine-Westphalia.

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