Swiss Life Asset Managers has acquired a retail park and residential development near Hamburg from local developer Concept Immobilien Projektentwicklungs for €45 mln.
Comprising some 15,000 m2 of space, Casinopark Wentorf consists of five buildings arranged around a central square, featuring largely ground floor retail with apartments above and around.
Concept Immobilien, which acquired the property three years ago, has executed a significant asset management programme during its ownership, largely reletting the retail elements. Current anchor tenants include supermarket giant Edeka, discount grocer Aldi and drugstore Rossmann.
'The compelling mix of asset classes corresponds exactly to the philosophy of Swiss Life Living + Working, the first-class location near Hamburg also offers the best development opportunities,' said Walter Seul, fund manager of Swiss Life Living + Working.
'Wentorf is one of the municipalities that has been affected by the general trend towards urbanisation and in particular by the attractiveness of Hamburg as a location. For these reasons, the property is an excellent addition to the portfolio of our fund,' Seul concluded.
The deal is expected to close in the third quarter of 2020.
