HIH Invest Real Estate acquires local shopping center in Espelkamp with Heuking
With a team led by Partner Dr. Sönke Görgens, Heuking Kühn Lüer Wojtek comprehensively advised HIH Invest Real Estate GmbH on the acquisition of a multi-use neighborhood retail center in Espelkamp in eastern Westphalia from aik Immobilien-Investmentgesellschaft. The transaction was part of an asset deal for open-ended special AIF “Warburg-HIH Perspektive Einzelhandel: Fokus Nahversorgung,” which invests in properties at economically stable German sites with individual sizes ranging from EUR 10 million to EUR 40 million.
The neighborhood shopping center with a total leasable area of some 8,500 square meters is almost fully occupied. It consists of five buildings grouped around a central parking lot with more than 300 spaces. Tenants include Lidl, Müller Drogeriemarkt, and Woolworth as well as textile and shoe retailers. The retail park, opened in 2007, is a key component of Espelkamp’s high-street retail line-up. The central parking lot is bordered by additional retail, service, and leisure facilities, including grocery store Aldi and the urban area’s only movie theater. The site is also benefiting from the good transport infrastructure within the city of Espelkamp and is easily accessible by public and private transportation. Inner-city residential areas are within walking distance.
Hamburg-based HIH Invest Real Estate GmbH is an investment manager for real estate in Germany and Europe. The company operates at ten locations throughout Europe. As part of HIH Group, HIH Invest Real Estate fully covers the value chain of a real estate investment with its own capacities.
Counsel to HIH Invest Real Estate GmbH
Heuking Kühn Lüer Wojtek:
Dr. Sönke Görgens (Real Estate, Lead),
Viktoria W. Kämper (Tenancy Law),
Dr. Sarah Slavik-Schulz (Tax), all Hamburg