A team led by Hamburg-based partner Dr. Sönke Görgens advised Warburg-HIH Invest Real Estate GmbH on the acquisition of five specialty retail centers for the open-end special fund “Perspektive Einzelhandel: Fokus Nahversorgung.” The purchase price of the specialty stores with a total rental space of 43,000 square meters is in excess of EUR 100 million. Patrizia subsidiary Rockspring Property Investment Managers LLP is the seller.
Heuking Kühn Lüer Wojtek provided comprehensive legal and tax advice to Warburg-HIH Invest on the transaction. This included in particular due diligence and negotiating the property purchase agreement.
The properties are located in Herten, Bürstadt, Sinzheim, Reppenstedt, and Lehrte. More than 80% of total rental income comes from food retailing. Key tenants include Edeka, Kaufland, Rewe, Obi, Aldi, dm, and Penny. The rental contracts continue to run for an average of eight more years.
With this transaction, Warburg-HIH Invest further pursues its retail strategy and strengthens its position as a leading provider of investments in German specialty retail centers.
As a real estate investment manager, Warburg-HIH Invest offers institutional investors the entire range of real estate investments. It is one of Germany’s leading managers of real estate special AIFs.
Counsel to Warburg-HIH
Heuking Kühn Lüer Wojtek:
Dr. Sönke Görgens (Real Estate, Lead),
Fabian G. Gaffron (Tax),
Dr. Christina Etzel (Public Law, Real Estate),
Dr. Florian Wenk, LL.M. (Tenancy), all Hamburg
Mathis Dick, LL.M. (Tenancy),
Kathrin T. Paulet (Tenancy), both Düsseldorf
Peter M. Schäffler (Tax), Munich