Retail warehouse park Ergoldsbach, Germany. Image: Kiermeier Unternehmensgruppe
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Warburg-HIH Invest buys Retail Warehouse Park in Bavaria

Warburg-HIH Invest Real Estate (“Warburg-HIH Invest”) just acquired a retail warehouse park, located on Landshuter Strasse in the Bavarian town of Ergoldsbach.

The new-build development with a gross lettable area of around 6,200 sq m and 230 parking spots was completed during the third quarter of 2020. The anchor tenants of the fully occupied property are the retail multiples Rewe (food), Aldi (discount food) and Rossmann (toiletries). These three companies signed long-term leases for the next 12 to 15 years. The location’s retail line-up is supplemented by a textiles store and a food venue. The average remaining lease term (WAULT) is close to 14 years. The acquisition took the form of a forward funding arrangement within the framework of an asset deal dating back to summer of 2019. It was agreed not to disclose the selling price.

The retail warehouse park will be added to the portfolio of the “Warburg-HIH Perspektive Einzelhandel: Fokus Nahversorgung” open-ended special AIF. It will bring the number of the fund’s portfolio assets up to 15. The fund focuses on retail warehouse parks and neighbourhood retail centres, anchored by food retailers in economically stable locations in Germany and with ten to 40 million euros in terms of total sum invested. The minimum subscription amount is five million euros. The annual dividend yield will be somewhere between 4.5 and 5.5 percent.

Jens Nagelsmeier, Head of Retail Transaction at Warburg-HIH Invest, commented: “The acquisition is helping us not only to boost the profitability of our local retail investment fund but also to further diversify the regional spread of its portfolio, its tenant structure and its lease terms.”

The town of Ergoldsbach in the Lower-Bavarian district of Landshut serves as retail centre for another 29 localities of the municipality, so that its catchment area extends well beyond the city boundaries. Ergoldsbach is highly popular among commuters because of its proximity to Munich airport (travel time: 45 min.) and Munich proper. The cities of Regensburg and Landshut also lie within easy reach.

The legal and tax due diligences for the buyer side were conducted by the law firm of Heuking Kühn Lüer Wojtek. Witte Projektmanagement GmbH (“Witte”) handled the technical due diligence.

“The acquisition is helping us not only to boost the profitability of our local retail investment fund but also to further diversify the regional spread of its portfolio, its tenant structure and its lease terms.” – Jens Nagelsmeier, Head of Retail Transaction Warburg-HIH Invest.

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