Planetencenter in Garbsen. Credit: Union Investment

Union Investment acquires Planetencenter from Savills

Union Investment has acquired the retail park Planetencenter for the UII GermanM special real estate fund from the seller Savills Investment Management.

The retail park consists of two single-story buildings: A new retail park built in 2014 and an existing building originally constructed in 1983/84 and completely revitalized in 2015/2016. The total rental space of around 16,700 sq m is spread over 38 units and, with the exception of one restaurant unit, is fully let. The tenant mix of the Planetencenter is geared towards local supply. Around half of the rental income is attributable to the three anchor tenants Edeka, Aldi and Rossmann.

The city of Garbsen is part of the economically strong Hannover Region. The urban areas of Garbsen and Hanover merge directly into one another, thus, the city center of Hanover can be reached by car in about 20 minutes. In addition, the center is located directly at the “Garbsen” subway stop.

“In the retail sector, Essential Retail is the focus of our acquisition activities. With Planetencenter, we are acquiring a modern and established district center with a local supply focus and a tenant mix that is appropriate for the location and is crisis-proof,” says Roman Müller, Senior Investment Manager at Union Investment.

Tim Ulrich, Deputy Head of Transactions Germany at Savills Investment Management, comments: “The Planetencenter, with its colorful mix of everyday stores, has proven its resilience during the challenging Corona period. The sale has now been made to realize the appreciation the center has experienced since our acquisition in 2015.”

Union Investment was advised on legal matters by Möhrle Happ Luther, on tax matters by POELLATH, and on environmental and technical matters by HPC and C.P. Hamburg. Savills Investment Management was advised by Noerr Rechtsanwälte, Savills, PwC and Arcadis.

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