Cushman & Wakefield Investors (CWI) and Scottish Widows Investment Partnership (SWIP) have purchased the Haus Hugendubel property in Stuttgart.
Cushman & Wakefield Investors (CWI) and Scottish Widows Investment Partnership (SWIP) have purchased the Haus Hugendubel property in Stuttgart.
The investment volume of €11.9 mln for their Pan-European Urban Retail Fund (PURetail Fund) reflects a net initial yield of 5%.
This is the seventh asset purchased by the PURetail Fund which is managed through a joint venture between CWI and SWIP and which has assets located in France, Germany and Sweden.
Located on the corner of Breite Strasse and Hirschstrasse in the prime pedestrianised retail area of Stuttgart, the asset comprises 3,575 m2 of retail, office and residential space, with retail currently accounting for 65% of overall income. Tenants include a mixture of top quality domestic and international retail brands including Dolzer, Gruene Erde, Rosso Trenta and Titus.
Stuttgart - a popular tourist destination - is the seventh largest retail market in Germany, with access to four million people within a 50 km radius.
CWI is the independent investment management arm of Cushman & Wakefield (C&W). CWI has offices in London, Paris and Frankfurt and currently has €1 bn of assets under management.
SWIP manages commercial property assets worth £8.5 bn (€10 bn) across the UK, Europe and North America.
