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HIH Invest Acquires “Warnow Park” in Rostock, a Large Neighbourhood Retail Centre

HIH Invest Acquires “Warnow Park” in Rostock, a Large Neighbourhood Retail Centre

  • The seller is an investment fund managed by Corestate
  • Total lettable area of over 40,000 sqm, thereof 26,000 sqm of retail area, divided into 50 units
  • Master tenant is food retailer Edeka Nord with a WAULT of about 18 years plus renewal option
  • Busy location within a densely populated catchment
Hamburg, 24 January – HIH Invest Real Estate (“HIH Invest”) acquired “Warnow Park” in Rostock on behalf of an individual mandate given by an institutional investor. The popular district centre at Rigaer Strasse 5 in the Lütten Klein district was sold by “Highstreet VIII,” a retail property fund managed by Corestate. The property, developed and designed to excellent specifications, opened for business in 1995 and was modernised at great cost in 2010. The net internal area of 40,470 sqm at “Warnow Park” divides into about 26,000 sqm of attractive retail floor area on the ground floor and first floor up, the three levels above them providing more than 1,000 parking spots while the basement is taken up by plant rooms and storage areas. In addition, there are about 30 split-level apartments with a combined floor area of about 2,300 sqm on the second and third floor, as well as 1,125 sqm of office space.

The long-term master tenant of the property is Edeka Nord, a food retail chain that operates an E-Center hypermarket on 8,224 sqm while subletting and managing the roughly 50 other lock-up retail units as well as the flats and offices. The primary sub-tenants include the retail chains KIK and Takko (both discount fashion), dm Drogeriemarkt (drugs) and Jysk (home furnishings, formerly Dänisches Bettenlager). Ten units are currently occupied by gastronomic venues. The remaining term of the triple net lease is around 18 years. Fully occupied except for a single lock-up retail unit, “Warnow Park” attracts 14,000 visitors a day. “Master tenant Edeka Nord has a blue-chip credit rating. At the same time, ‘Warnow Park’ has proven resilient during the coronavirus crisis with its strong focus on local amenities and its need-based sector diversification. Out of the total of about 50 retail units, around 30 remained open for business throughout the pandemic,” commented Jens Nagelsmeier, Head of Transaction Management Retail at HIH Invest.

The direct catchment area of “Warnow Park” is home to around 60,500 residents, the majority of which live within a 10-minute walking distance. Moreover, the site is conveniently accessible by rapid transit train, tram, bus and two major arteries. The neighbourhood is characterised by very densely built-up residential areas. The surroundings include a pedestrian precinct that features a multiplex cinema of the “CineStar” brand, gastronomic amenities as well as many service providers and doctors’ surgeries.

HIH Invest received legal and tax advisory from Baker Tilly Rechtsanwaltsgesellschaft mbH based in Frankfurt am Main. The technical due diligence, which includes ESG aspects, was undertaken by C.P.H. Projekt- und Baumanagement GmbH (CPH) from Hamburg. The market and location analysis was compiled by bulwiengesa AG. Bechtolsheim Real Estate brokered the deal as estate agent.

“Master tenant Edeka Nord has a blue-chip credit rating. At the same time, ‘Warnow Park’ has proven resilient during the coronavirus crisis with its strong focus on local amenities and its need-based sector diversification. Out of the total of about 50 retail units, around 30 remained open for business throughout the pandemic.” Jens Nagelsmeier, Head of Transaction Management Retail HIH Invest Real Estate


HIH Invest Real Estate Acquires Residential Property Development in Bochum from Ten Brinke Group

HIH Invest Real Estate Acquires Residential Property Development in Bochum from Ten Brinke Group

  • Housing estate of 55 units on around 4,550 square metres plus annexed day nursery
  • Around 50 percent of the project will be developed as subsidised housing
  • Acquired on behalf of the Article 8 special AIF “Deutschland Wohnen Invest”
  • Project meets strict fund criteria in regard to environmental and social sustainability
Hamburg, 19 January 2022 – HIH Invest Real Estate (“HIH Invest”) continues to expand into the residential sector, having just acquired a residential property development in the Ruhr. Over the next two years, a housing estate of 55 units will be developed on a footprint of around 4,550 square metres in Bochum, supplemented by a day nursery of four groups on about 690 square metres. The new-build development consists of three building section of four storeys each that are connected via a shared underground car park, as well as a separate building in the rear part of the plot that will house a day nursery. The project is being acquired on behalf of the Article 8 special AIF, “Deutschland Wohnen Invest.” Construction work is scheduled to start during the second quarter of 2022. The complex will be constructed to the “KfW efficiency house 55” standard and therefore meet the strict requirements for any residential real estate added to the portfolio of the special AIF. Its seller and developer is the Ten Brinke Group based in the Netherlands.

The apartment mix breaks down into units of 2 to 5 bedrooms on footprints of 51 to 124 square metres. All units will come with a balcony or patio plus private garden section, and are planned to be handicap-accessible and in some cases fully wheelchair-accessible. Around half of the units will be developed as subsidised housing for low- to middle-income households. The 27 sponsored units will have an average dwelling floor area of 83 square metres, and will thus accommodate flexible and generous residential concepts suitable for broad-based groups of occupiers. Just like the privately financed apartments, the sponsored units will feature excellent specifications, including real-wood parquetry, modern bathroom fixtures and fitted kitchens as well as mainly floor-length vinyl-frame windows to admit plenty of daylight.

“The affordable flats we are about to supply will meet with keen interest. Although the building activities on the residential market in Bochum have picked up steam in recent years, the number of subsidised flats is rapidly declining,” said Nadine Robra, Team Leader Transaction Management Germany at HIH Invest, as she commented on the acquisition. By the end of 2019, subsidised flats accounted for merely 6.4 percent of the total housing stock, and the proportion will keep decreasing by roughly another 25 percent over the next ten years, unless a new public housing program is launched to build the subsidised housing stock back up.

“Via this new-build construction project, we are creating a well-diversified apartment mix that is particularly attractive for families because of a sound infrastructure, the directly annexed day nursery, and the location on the city’s outskirts, close to green areas,” added Tom Kircher, Fund Manager at HIH Invest. The site boasts highly convenient transportation access: The housing estate is being developed in the Werne district in the east of Bochum, and lies within easy reach of downtown Bochum as well as neighbouring cities such as Dortmund via the A40, A43 and A44 motorways and the S1 rapid transit line. In addition, nearby green spaces, playgrounds and sports facilities imply great potential for leisure activities.

Ansgar Pape, member of the Investment Committee Residential at Warburg-HIH Invest, summarised: “The residential development in Bochum is an excellent example for the way in which we as investment manager can contribute to social cohesion: Via our “Deutschland Wohnen Invest” fund, we are investing in family-friendly housing development projects that create the affordable accommodation so urgently needed, and develop residential quarters that meet the specific requirements of families. In addition to affordable housing, there is also a nationwide shortfall of day-care facilities for children – with more than 1,000 new spots needed in Bochum alone. We will let the annexed day nursery to an experienced nursery operator on a long-term lease, and thereby help to alleviate the shortage.”

“We are glad to have found a partner for this neighbourhood development in HIH Invest Real Estate, joining our effort to drive the positive development of Bochum’s Werne district.Situated in the heart of the Ruhr, Bochum has tremendous potential in the most diverse areas. We expect to see Bochum as a location develop in ways that will be positive and exciting for the city and its residents, but also for investors. Accordingly, we will keep stepping up our activities,” elaborated Tobias Lucas Wendorf, property developer for the Ten Brinke Group.

The legal and tax due diligences were carried out by the law firm of Heussen Rechtsanwaltsgesellschaft mbH in Munich. The technical and environmental due diligence was performed by Case Real Estate GmbH based in Stuttgart. Arcadis Germany GmbH from Darmstadt took care of the environmental due diligence.

“Our offer of affordable flats will meet with keen interest. Although the building activities on the residential market in Bochum have picked up steam in recent years, the number of subsidised flats is rapidly declining.“ Nadine Robra, Teamleader Transaction Management Germany HIH Invest “Via this new-build construction project, we are creating a well-diversified apartment mix that is also attractive for families because of the directly annexed day nursery, and the location on the city’s outskirts, close to green areas.” Tom Kircher, Fund Manager HIH Invest “The residential development in Bochum is an excellent example for the way in which we as investment manager can contribute to social cohesion: Via our “Deutschland Wohnen Invest” fund, we are investing in family-friendly housing development projects that create the affordable accommodation so urgently needed, and develop residential quarters that meet the specific requirements of families. In addition to affordable housing, there is also a nationwide shortfall of day-care facilities for children – with more than 1,000 new spots needed in Bochum alone. We will let the annexed day nursery to an experienced nursery operator on a long-term lease, and thereby help to alleviate the shortage.” Ansgar Pape, Member of the Investment Committee Residential HIH Invest “We are glad to have found a partner for this neighbourhood development in HIH Invest Real Estate, joining our effort to drive the positive development of Bochum’s Werne district. Situated in the heart of the Ruhr, Bochum has tremendous potential in the most diverse areas. We expect to see Bochum as a location develop in ways that will be positive and exciting for the city and its residents, but also for investors. Accordingly, we will keep stepping up our activities.” Tobias Lucas Wendorf, Developer Ten Brinke Group


HIH Invest Real Estate Acquires Office Property Development in Munich

HIH Invest Real Estate Acquires Office Property Development in Munich

  • Multi-tenant occupancy on 7,239 sqm of lettable area
  • Pre-let ratio of 100% due to sought-after location in Munich’s Westend district
  • BREEAM Excellent certification targeted
Hamburg/Munich, 18 November 2021 – HIH Invest Real Estate (“HIH Invest”) just acquired an office property development in a sought-after location in Munich that is intended for multi-tenant occupancy. The property was sold by its developer, Metropolian R1 GmbH & Co KG. Located in the Westend district of Munich, the property has a lettable area of 7,239 sqm and is fully pre-let. About 80 percent of the floor area was rented by BNP Paribas Consors Finanz, a brand of BNP Paribas S.A. Office Germany. The rest of the floor area will house the new offices of the property management of developer Metropolian Liegenschaften GmbH. The completion is scheduled for the fourth quarter of 2022. It is planned to seek a BREEAM Excellent certification.

“The property development impressed us with its modern, efficient rental units, whose flexible basic structure can be customised to the needs of the office occupiers, thereby providing us with great alternative use potential. The blue-chip main tenant, BNP Paribas Consors Finanz, is certain to generate a secure long-term cash flow and attractive net cash-on-cash returns,” said Nadine Robra, Team Leader Transaction Management Germany at HIH Invest.

“I am glad that we succeeded in planning an attractive and architecturally appealing office scheme in Munich’s Westend together with our architects of Oliv GmbH Thomas Sutor Architekt, and to find a buyer in HIH Invest who has faith in the project,” said Stefan Pfender, Managing Director of Metropolitan.

The Westend in Munich, located right next to the inner city, is a development hot-spot and rapidly evolving. The former fairgrounds in the Westend, which were abandoned in favour of Munich’s new fairgrounds in Riem, are being developed into new residential properties, green and open areas, as well as new-build units for commercial, retail and service businesses. The property development occupies the corner of Rüdesheimer Strasse and Tübinger Strasse, and is directly connected to the town centre via the “Westendstrasse” underground station. The central railway station, for example, is an underground ride of eight minutes away. The location is highly popular among office and commercial tenants, and several new-build office schemes are being implemented in the immediate vicinity.

“As one of the first movers with a high-quality office investment in a fast-growing submarket, we expect to benefit seriously from the future development of the surrounding area. In addition, the investment adds to the regional diversification of the fund, which invests primarily in office assets in the UK, in Austria, France and Germany,” said Oliver Scholtz, Senior Fund Manager at HIH Invest.

Planning of the property developments is in the hands of the architectural firm of Oliv GmbH Thomas Sutor Architekt in Munich. The law firm Zirngibl Rechtsanwälte from Frankfurt facilitated the letting and selling processes, while the law firm of Prof. Hauth & Partner Rechtsanwälte from Munich assisted with the development rights and construction-related aspects. The legal and tax due diligence for Warburg-HIH Invest was undertaken by Ashurst LLP in Frankfurt. The law firm of Leo Schmidt-Hollburg Witte & Frank advised BNP Paribas Consors Finanz. The technical, environmental and ESG due diligence (TEDD) was conducted by TÜV SÜD Advimo GmbH based in Rheinbach. BNP Paribas Real Estate acted in an exclusive dual role, advising the seller, on the one hand, and brokering the lease of the premises to BNP Paribas Consors Finanz, on the other hand.

“The property development impressed us with its modern, efficient rental units, whose flexible basic structure can be customised to the needs of the office occupiers, thereby providing us with great alternative use potential. The blue-chip main tenant, BNP Paribas Consors Finanz, is certain to generate a secure long-term cash flow and attractive net cash-on-cash returns.” Nadine Robra, Teamleader Transaction Management Germany HIH Invest Real Estate “As one of the first movers with a high-quality office investment in a fast-growing submarket, we expect to benefit seriously from the future development of the surrounding area. In addition, the investment adds to the regional diversification of the fund, which invests primarily in office assets in the UK, in Austria, France and Germany.” Oliver Scholtz, Senior Fund Manager HIH Invest Real Estate “I am glad that we succeeded in planning an attractive and architecturally appealing office scheme in Munich’s Westend together with our architects of Oliv GmbH Thomas Sutor Architekt, and to find a buyer in HIH Invest who has faith in the project.” Stefan Pfender, Managing Director Metropolian