German lender Deutsche Hypothekenbank has agreed a €116 mln loan for the development of a mixed-use, retail-led asset in Bochum with the project development arm of HBB Hanseatische Betreuungs- und Beteiligungsgesellschaft.
The sum has been underwritten for a term of four years, Deutsche Hypo said. As part of a subsequent placement, Sparkasse Hannover and Sparkasse Dortmund each contributed €25 mln to the financing.
By the end of 2021, Viktoriastrasse in Bochum will be home to Viktoria Karree, a 37,900 m2 scheme over four to seven floors across three buildings. The entire ground floor of the complex will be home to retail space, set to be occupied by retailer Rewe, among other brands.
The smallest of the buildings will primarily provide a restaurant area, with the second largest building hosting a 170-room Holiday Inn Express Hotel being delivered by the Tristar Hotel Group. The main tenant of the largest building is the city of Bochum, which will use the upper floors as office space. A two-storey underground car park with around 500 parking spaces is also under construction.
'The quarter in Viktoriastrasse is part of the Retail Bochum master plan, where a new interface between retail, services and offices has been created to promote urban development,' said Sabine Barthauer, board member of Deutsche Hypo. 'We are pleased to support HBB and the city of Bochum in this project.'
