Warburg-HIH Invest Real Estate has acquired a retail property in Hamburg's Niendorf district for an institutional investor from northern Germany.
The purchase price was not disclosed.
'Sentiment in Hamburg's retail market is good. This makes the location of the commercial building on Tibarg 42 at the heart of the central shopping zone of the Niendorf district highly attractive for retailers and, as such, for our investors,' said Hans-Joachim Lehmann, managing director at Warburg-HIH Invest. 'The excellent suitability of the retail spaces for a broad range of occupiers and the long-term leases ensure stable cash flows.'
The 2,048 m2 property is fully rented to retail chain Woolworth and Depot, a German home accessories and small furniture retail chain. The average remaining lease term is almost 11 years.
The asset was built in 1966 but refurbished this year.
The seller was advised by Corpus Sireo Asset Management Commercial.
