Heuking advises CONSENT on largest single investment
Dr. Armin Frhr. von Grießenbeck, Partner at the Munich office, legally represented and advised CONSENT Retail Investment GmbH on its largest single investment to date. In September 2022, the company, which specializes in large-scale retail real estate, acquired “Marktkauf-Center Bautzen” retail park, Niederkainaer Straße 14, from a private seller in an asset deal. The advice included the acquisition of the retail park, contract drafting, and negotiations as well as the contracts with EDEKA and toom.
At some 27,000 square meters of rental space, the retail park is the largest of its kind in the Bautzen district, offering about 800 ground-level parking spaces. Since 1992, Edeka Northern Bavaria-Saxony-Thuringia has been the center’s general lessee, which subleased space to the Toom DIY store, Kress-Mode, Takko, Deichmann, Tedi, and other retailers.
In coordination with Edeka and Toom, the property will be revitalized in 2023 and 2024, including an extensive refurbishment of Marktkauf supermarket as of Q2/2023, in accordance with the latest energy-efficient requirements. IAs part of the refurbishment, the DIY store concept will be converted from B1 to Toom-Baumarkt.
Following the acquisition of Marktkauf-Center Bautzen, the specialty store portfolio managed by CONSENT is now comprising some 90,000 square meters of rental space. Jointly with a Munich-based family office, CONSENT holds a grocery-focused specialty store portfolio that is now being expanded to include Marktkauf-Center Bautzen. CONSENT manages additional properties on behalf of a German insurance group.
Based in Grünwald near Munich, CONSENT RETAIL INVESTMENT was founded in 2016 by Hubertus von Wrangel with the objective of using existing market access and long-standing estate expertise for the company’s own investments. After its corporate development, CONSENT is also acting as co-investor and asset manager on behalf of family offices and institutional investors.
Counsel to CONSENT Retail Investment GmbH
Heuking Kühn Lüer Wojtek:
Dr. Armin Frhr. von Grießenbeck (Lead, Real Estate & Construction), Munich
Steffen Wilberg (Real Estate & Construction), Munich