HIH Invest Real Estate has sold a mixed-use office and retail building from the portfolio of a closed-end institutional fund to Wohninvest Holding, a company domiciled in Fellbach near Stuttgart.
The property located in the high-street pedestrian precinct of Bochum, at Kortumstrasse 72, has a lettable area of 17,511 m2 across six upper floors.
Financial details were not disclosed.
The vintage landmark retail building from 1921 was originally constructed as a department store. Having sustained heavy damage during World War II, the building was restored in postwar times.
Over the years, it underwent several structural alterations, refurbishments, and upgrades, most recently in 2018.
'In architectonic terms, Kortumhaus is among the most significant historic departments stores anywhere,' said Jens Nagelsmeier, head of transaction management retail & healthcare at HIH Invest.
'Executed in compliance with the listed building consent, the structural alteration and refurbishment measures won several awards, including the 2003 Federal Award for Monument Conservation and the Preservation of Historic Buildings.
'We are glad about the opportunity to sell the asset at this time, having generated a sound annual overall performance throughout the holding period.'
Added Dominik Sikler, managing director of the Wohninvest Group: 'Kortumhaus is a very special property directly in the heart of Bochum. The building has an impressive history, and we are very pleased we had the chance to acquire this commercial building from HIH Invest Real Estate.'
The property occupies a plot of 4,482 m2 right in the town centre of Bochum.
CBRE brokered the property deal on behalf of HIH Invest.
