BNP Paribas Real Estate Investment Management (BNP Paribas REIM) has acquired a land site with an order to build in the Oslebshausen district of Bremen on behalf of one of its clients.
The first Toom DIY store to fall under the KfW-40-EE standard in Germany is currently under construction at the site, with completion set for early 2023.
The property, which is also expected to be DGNB Gold certified, was sold by a subsidiary of the Ten Brinke Group, which is acting as property developer.
'Retail parks and DIY stores have seen significant growth in recent years despite the impact of e-commerce and the pandemic,' said Isabella Chacón Troidl, chief investment officer of BNP Paribas REIM Germany, adding that DIY stores have a particularly positive effect on footfall and will strongly benefit from the anticipated upward trend.
The investment was also motivated by the property’s particular focus on sustainability, as early as the planning stage, BNP said.
High-quality insulation and a state-of-the-art heat recovery system integrated into the ventilation system will reduce the amount of energy used for heating. Energy consumption will also be significantly reduced through the installation of skylights, LED luminaires and solar panels.
The forward deal marks the French fund’s first investment in the retail segment.
Structured as an SCPI, the fund was launched by BNP Paribas REIM in 2017. It currently holds more than €170 mln in real estate assets across four offices located in Ratingen, Bremen, Bad Homburg and Munich, plus one hotel also located in Munich.
'The acquisition of Toom DIY store enhances the asset diversification of the fund and illustrates our ESG strategy in the context of the SRI certification that the Fund obtained in December 2021”, says Jean-Maxime Jouis, global head of fund management of BNP Paribas REIM.
Norton Rose Fulbright acted as legal advisor to the buyer. Dr. Lübke & Kelber acted as broker. Legal advice to the seller was provided by the seller’s in-house legal team.
