German fund manager Union Investment has acquired a retail park at Planetenring 25-27, 31-33 in Garbsen, Germany, from real estate investment manager Savills Investment Management.
Financial details were not disclosed.
The acquisition of the Planetencenter is being made on behalf of special real estate fund UII GermanM.
The town of Garbsen is part of the Hanover region, and lies just 20 minutes from Hanover city centre. Planetencenter is directly adjacent to Garbsen subway station.
Said Roman Müller, senior investment manager at Union Investment: 'In the retail sector, our acquisition activity is focused on essential retail.
'By acquiring the Planetencenter we’re gaining a modern, established centre which is geared to local needs and features a crisis-proof tenant mix that is appropriate for the location.'
Planetencenter comprises two single-storey structures: a new retail strip built in 2014 and an existing building which was originally constructed in 1984 and completely refurbished in 2016.
Divided into 38 units, the rental space totals around 16,700 m2 and is fully let with the exception of a food unit. The tenant mix at the Planetencenter is focused on meeting local needs. Around half of the rental income comes from the three anchor tenants Edeka, Aldi and Rossmann.
'The Planetencenter with its colorful mix of stores for daily needs has proven its resilience during the challenging Corona period. The sale has now been made to realise the appreciation the center has experienced since our acquisition in 2015,' said Tim Ulrich, deputy head of transactions Germany at Savills Investment Management.
Union Investment was advised on legal aspects of the deal by Möhrle Happ Luther and on tax matters by Poellath.
HPC and CP Hamburg advised on environmental and technical aspects. Savills Investment Management was advised by Noerr Attorneys at Law, Savills, PwC and Arcadis.
