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HIH Invest Real Estate Acquires Neighbourhood Retail Centre in Espelkamp

HIH Invest Real Estate Acquires Neighbourhood Retail Centre in Espelkamp

  • Retail Park with around 8,500 square metres of total lettable area
  • Tenant mix of essential retailers, anchored by Lidl, Müller Drogeriemarkt and Woolworth
  • Acquired for special AIF “Warburg-HIH Perspektive Einzelhandel: Fokus Nahversorgung”
Hamburg, 12 October 2021 – HIH Invest Real Estate just acquired a multi-use neighbourhood retail centre in the town of Espelkamp in eastern Westphalia (North Rhine-Westphalia). It was sold by aik Immobilien-Investmentgesellschaft (aik). The property has a total lettable area of around 8,500 square metres, and is almost fully occupied. It consists of five buildings that are grouped around a central parking lot with more than 300 spots. Anchor tenants include a Lidl discounter on 1,820 square metres, a Müller Drogeriemarkt drugstore on 1,440 square metres and a Woolworth of 2,650 square metres of lettable area. The tenant mix is complemented by retailers of the textiles and footwear segments as well as by offices, doctors’ surgeries and service providers occupying smaller units. The acquisition was transacted in the form of an asset deal on behalf of “Warburg-HIH Perspektive Einzelhandel: Fokus Nahversorgung,” an open-ended special AIF specialising in grocery retail property. Its focus is on real estate in economically stable German cities and on assets priced at ten to 40 million euros each. The annual dividend yield is somewhere between 4.5 and 5.5 percent.

The retail park opened for business in 2007, and represents a key component of the high-street retail line-up of Espelkamp. Located next to the central parking lot are other retail, service and leisure amenities, including an Aldi discount supermarket and the only cinema in town. The site comes with convenient transport links to the rest of the Espelkamp city area, and is easily accessible by both public and private motorised transportation. Inner-city residential areas are located within walking distance.

Jens Nagelsmeier, Head of Retail Transaction at HIH Invest Real Estate, elaborated: “With its well-balanced tenant constituency and its blue-chip anchor tenants, the neighbourhood retail centre in Espelkamp is a particularly attractive asset for our institutional fund. The tenants are highly recognisable, and benefit from mutual synergy effects with retail and leisure options in the direct vicinity as well as from the surrounding residential areas.”

The legal and fiscal due diligence for the transaction was performed by the law firm of HEUKING KÜHN LÜER WOJTEK in Hamburg. Responsible for the technical due diligence and the ESG due diligence was C.P.H. Projekt- und Baumanagement GmbH base in Hamburg.

“With its well-balanced tenant constituency and its blue-chip anchor tenants, the neighbourhood retail centre in Espelkamp is a particularly attractive asset for our institutional fund. The tenants are highly recognisable, and benefit from mutual synergy effects with retail and leisure options in the direct vicinity as well as from the surrounding residential areas.”

Jens Nagelsmeier, Head of Retail Transaction HIH Invest Real Estate



HIH Invest Real Estate acquires Office Scheme in Cologne

HIH Invest Real Estate Acquires Office Scheme in Rheinauhafen Area in Cologne from DERECO

  • Gross lettable area of over 7,300 square metres
  • Riverside office property with multi-tenant occupancy
  • Seller is a key account of multi-family office DERECO
Hamburg, 11 October 2021 – HIH Invest Real Estate (HIH Invest) just acquired the office scheme “Im Zollhafen 2-4” on the bank of the Rhine in Cologne on behalf of an individual fund. The seller is a key account of DERECO, a multi-family office for real estate assets that is based in Cologne. Completed in 2008, the multi-tenant property has more than 7,300 square metres of lettable area, of which 910 square metres are zoned as gastronomy area, the remaining floor space representing office units. The average lease term (WALT) exceeds 6.5 years. Anchor tenants include Reclay Holding, an internationally operating service provider in the field of environmental and waste management who occupies 2,500 square metres, and MobiLab Solutions, a specialist for data integration and cloud solutions who occupies 1,340 square metres. The gastronomy unit is occupied by a restaurant of the international L’Osteria chain. The building includes an underground car park with 77 parking spots. The transaction was closed as an asset deal on behalf of an individual fund.

Nadine Robra, Team Leader Transaction Management Germany at HIH Invest, elaborated: “The central location between the river and the historic town centre, the view of the cathedral and of the Kranhäuser dockside buildings right next door, combined with very convenient access to public means of transportation and the fact that the central railway station lies within walking distance, all this makes the property an attractive office venue that has appealed to companies like Microsoft, Birkenstock and congstar.“

Moreover, the modern rental units at the property have great potential for alternative types of use, while the asset quality is tantamount to new-build and includes high-end fit-out features. The office scheme provides a high level of amenities to those who work here, has local recreational options within walking distance despite the central location, features EV charging stations in the underground car park, and is hooked up to district heating for an efficient energy consumption rate. In addition, the roof is suitable for the installation of renewable energy sources.

Being the largest city in North Rhine-Westphalia, with a population of over a million, Cologne has a strong force of attraction within the region and is known for its innovative strength. The city is one of the cultural centres along the Rhine, but also has a diversified economic structure with a high degree of digitisation and an excellent infrastructure, including international transport links. About 17 million people live inside a 100-kilometre radius, making it the most populous conurbation within the European Union. Forecasts predict a 4.3-percent population increase for Cologne by 2030.

Tassu Degen, managing partner at DERECO, commented the transaction: “As usual, HIH Invest Real Estate proved a professional partner in initiating and implementing the transaction. The experience has motivated both companies to deepen the business relations on other levels, too.”

Oliver Scholtz, Senior Fund Manager at HIH Invest Real Estate, added: “The Property is a high-end office investment in one of Germanys Big 7 cities. The diversified tenant structure of the multi-tenant property and its excellent location offer security and potential future development opportunities.”

“We are very content with the signing, which was highly attractive to both parties. HIH Invest Real Estate thus secured an asset in a premium riverside location in the Rheinauhafen area. The lease signings of the past 24 months also reflect the high quality of the site and of the property, which in its present form is superbly positioned for the future,” said Marco Frank, Senior Investment Manager at DERECO.

On the buyer side, the legal and fiscal due diligence (DD) was performed by Ashurst LLP in Frankfurt. The technical due diligence (TEDD) was conducted by Drees & Sommer SE, the firm also responsible for the ESG due diligence.

On the seller side, legal and fiscal counsel to DERECO was provided by Hogan Lovells International LLP in Frankfurt, technical advice by Arcadis Germany GmbH in Cologne.

“The central location between the river and the historic town centre, the view of the cathedral and of the Kranhäuser dockside buildings right next door, combined with very convenient access to public means of transportation and the fact that the central railway station lies within walking distance, all this makes the property an attractive office venue that has appealed to companies like Microsoft, Birkenstock and congstar.“

Nadine Robra, Teamleader Transaction Management Germany HIH Invest Real Estate

“As usual, HIH Invest Real Estate proved a professional partner in initiating and implementing the transaction. The experience has motivated both companies to deepen the business relations on other levels, too.“

Tassu Degen, Managing Partner DERECO

“The Property is a high-end office investment in one of Germanys Big 7 cities. The diversified tenant structure of the multi-tenant property and its excellent location offer security and potential future development opportunities.“

Oliver Scholtz, Senior Fund Manager HIH Invest Real Estate

“We are very content with the signing, which was highly attractive to both parties. HIH Invest Real Estate thus secured an asset in a premium riverside location in the Rheinauhafen area. The lease signings of the past 24 months also reflect the high quality of the site and of the property, which in its present form is superbly positioned for the future.“

Marco Frank, Senior Investment Manager DERECO



Warburg-HIH Invest Acquires Development Near Hamburg for Residential Investment Fund

Warburg-HIH Invest Acquires Development Near Hamburg for Residential Investment Fund

  • Property development will deliver 62 residential units and a day nursery
  • Total lettable area of 3,950 square metres
  • Property earmarked for Article-8 fund, “Warburg-HIH Deutschland Wohnen Invest”
  • Sold by the developer, Bonava Wohnbau
  • Completion scheduled for Q2 2024

Hamburg, 1 October 2021 – Warburg-HIH Invest Real Estate (“Warburg-HIH Invest”) just acquired 62 residential units belonging to a neighbourhood development in Wedel near Hamburg from its developer, Bonava Wohnbau. The property development at Rissener Strasse 99 + 101 in Wedel represents a new-build construction (meeting the KfW Efficiency House 55 standard) with a total lettable area of about 3,320 square metres, thereof 70 percent earmarked for subsidised housing. It is also planned to create 26 car parking spots. Moreover, the investment includes a day nursery with an effective floor area of 630 square metres. Completion of apartments and nursery is scheduled for the second quarter of 2024. The transaction took the form of an asset deal within the framework of a forward-funding arrangement on behalf of the “Warburg-HIH Deutschland Wohnen Invest” residential investment fund, which was launched this past spring.

Nadine Robra, Team Leader Transaction Management Germany at Warburg-HIH Invest, commented the acquisition: “The property development is embedded in sound local infrastructure that includes grocery retailers, schools and restaurants within the immediate vicinity. Worth noting is also that the high-end new flats will be built to the KfW Efficiency House 55 standard, and that a large number of them benefit from public funding. As Hamburg’s city area is expanding, Wedel with its 34,000 residents has become a booming suburb. Extensive woods, the proximity to the River Elbe and to Hamburg’s marina offer a variety of leisure options.”

Wedel, which is part of Pinneberg District, is well connected to the city area of Hamburg. The commute to downtown Hamburg takes about 25 minutes via the rapid transit system or by car using the B431 federal route or the A23 motorway, while the airport is half an hour away. A trading estate with well-known businesses and the University of Applied Sciences Wedel are also located close to the development.

“The flats are part of our ‘Wedeler Tor’ project. We are planning to create a green, sustainable residential quarter that provides a smooth transition to the outdoor areas next door. The finished property will bear no resemblance to its former self. Especially families will feel right at home here, but so will couples and singles,” said Bonava Project Manager Lydia Rebbereh.

The acquisition of the property in Wedel continues the investment phase of the fund and expands the supra-regional diversification of its portfolio, the target volumes being at least around 400 million euros. At 3.60 - 3.7 percent p. a., the projected net cash-on-cash return of the investment is right within the range of the target yield of the fund, which invests specifically in ESG compliant residential developments in the so-called urban gravy belt of German metropolises.

The legal and tax due diligences (DD) were carried out by the law firm of Heussen Rechtsanwaltsgesellschaft mbh.

“The property development is embedded in sound local infrastructure that includes grocery retailers, schools and restaurants within the immediate vicinity. Worth noting is also that the high-end new flats will be built to the KfW 55 standard, and that a large number of them benefit from public funding. A day nursery complements the sustainable investment for this ESG compliant residential investment fund. As Hamburg’s city area is expanding, Wedel with its 34,000 residents has become a booming suburb. Extensive woods, the proximity to the River Elbe and to Hamburg’s marina offer a variety of leisure options.”

Nadine Robra, Team Leader Transaction Management Germany Warburg-HIH Invest

“The flats are part of our ‘Wedeler Tor’ project. We are planning to create a green, sustainable residential quarter that provides a smooth transition to the outdoor areas next door. The finished property will bear no resemblance to its former self. Especially families will feel right at home here, and so will couples and singles.”

Lydia Rebbereh, Project Manager Bonava