We give investors access to lucrative investments with a balanced risk-return profile. Based on the equity entrusted to us, we are able to sign purchase agreements without any financing reservations. Our purchase agreements also very rarely feature advisory body reservations. We offer the sellers of retail properties a high degree of transaction security at all times.
Our acquisitions focus on large-scale retail properties in Germany. We acquire various types of properties through our joint ventures and for our special funds.
A consumer market is a large-scale retail property with a layout resembling that of a supermarket. Based on the size of the retail space, consumer markets can be classified in between supermarkets and hypermarkets. The market research experts at Nielsen define food retailers with retail spaces of 1,000 to 2,500 square metres as small consumer markets. The designation of a large consumer market (greater than 2,500 square metres) coincides with that of a hypermarket. As a rule, consumer markets offer a more comprehensive selection of products than supermarkets. For example, the proportion of non-food products in a consumer market is greater than in a supermarket. Consumer markets are either located near to residential areas or are conveniently situated with regard to transport connections.
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A supermarket is a food retailing operation with a retail space of between 400 and 1,000 square metres. The product range on offer consists primarily of goods for periodical or short-term consumption. In this case, the assortment depth in supermarkets is normally higher than in discounters and includes fresh produce along with food, drink and tobacco products. In many cases, supermarkets fulfil local and basic supply functions for the surrounding populace and are therefore significant in the context of urban planning. Food retailing in Germany is considered as a mature market characterised by a high degree of market concentration, competition and price orientation among consumers. Supermarket operators are responding to the growing importance of local supply increasingly with smaller “city markets” in city-centre locations. The on-line business for food has so far only played a subsidiary role. For investors, an investment in a supermarket promises low volatility and long-term value stability.
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A hypermarket is a large-scale retail property with a layout resembling that of a supermarket. The product presentation tends to be focused around the concept of self-service. Hypermarkets are at least 3,000 square metres in size and offer a greater assortment depth and scope than supermarkets, discounters or consumer markets. In addition to a comprehensive range of food and fresh produce, hypermarkets also stock non-food products such as clothing, toys, sports articles or consumer electronics. These products can account for up to 50 percent of total sales. The price structure is predominantly low or based on special offers. Hypermarkets in Germany are to be found primarily on the outskirts of city centres or in peripheral locations with good transport connections. They are often the anchor tenants in retail parks, where they are used to attract customers to the surrounding shops. They ensure stability at retail park locations, as the tenant companies often have leases with terms in excess of 15 years. Many hypermarkets are stand-alone locations and enjoy a unique catchment area that is secure over the long term because similar building permissions cannot be issued.
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The term “retail park” describes the collection of at least four medium to large-scale specialist stores from different retail sectors. A retail park consists of a building complex and is administered and marketed by a single operator. It is mostly laid out on a single floor and provides extensive parking facilities that are usually free of charge. In addition to typical specialist stores supplying demand-oriented goods, large supermarkets or hypermarkets in the retail park act as reliable anchor tenants that attract customers to the location. They have a positive influence on customer traffic. Retail park locations also increasingly feature ancillary retail services such as hair dressers, travel agencies and key-cutting services as well as a selection of restaurants. Investors consider retail parks as attractive investments – they currently generate higher yields than shopping centres and commercial real estate in prime locations, for example.
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A specialist store is a large-scale, modern retail business. It offers a specialist product range that is usually aimed at one or more target groups. Examples of specialist stores include DIY stores, hobby stores, pharmacies, consumer electronics and furniture outlets. Specialist stores are frequently situated on the outskirts of cities, but can also be found in city-centre locations. A building complex that includes more than four specialist stores is referred to as a retail park. Conversely, a retail cluster describes a collection of several specialist stores that are not located within the same building complex.
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According to the Handelsverband Heimwerken, Bauen und Garten (BHB), a DIY store is defined has having more than 1,000 square metres of heated retail space and a product range drawn primarily from the DIY, building and gardening product fields. In a DIY store, customers can find products that satisfy medium- to long-term needs. Newly developed DIY stores generally have floor spaces of 10,000 square metres and more. The abbreviation DIY stands for “Do-It-Yourself”. In Germany, DIY stores have largely replaced smaller specialist stores such as hardware stores and paint shops. They are regarded as the pioneers of “green-field development” and have made an important contribution to the development of retail parks, in which they can operate as anchor tenants. The threat posed by e-commerce is still relatively low compared with other retail segments.
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Hybrid shopping centres have also developed into an established property class. The benefits of an attractive, popular tenant mix that meets the range of day-to-day consumer needs in a retail park are combined here with the diversified shopping experience of a shopping centre. The number of hybrid shopping centres in Germany is growing steadily. Since retail parks have a pronounced need for revitalisation, this trend is expected to continue. Hybrid shopping centres are characterised above all by the prevalence of long-term leases – and usually generate higher yields than conventional shopping centres. Since the products offered at hybrid shopping centres – as is the case with specialist stores – are less likely to be available online, the risk of substitution by online retail is significantly curtailed and therefore easier to calculate.
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National and international investors have a strong focus on commercial real estate in prime locations – with good reason. They are frequently situated on main shopping streets and offer a diversified tenant mix. Everyday life takes place in district centres and in high-traffic and consumer locations – commercial properties are an integral component of this and combine shopping with residential and work spaces, services and leisure activities. As high-volume Core and Core Plus products in medium and large German cities are becoming increasingly scarce, domestic investors in particular are currently benefiting from their knowledge of the market in this segment.
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Most convenience retail centres are located in the vicinity of residential areas or integrated into them in terms of urban development. Their primary role is to provide for short-term purchasing needs in the locality. Along with a supermarket, convenience retail centres generally also include discount food retailers, smaller specialist food shops and individual services such as hair dressers, shoe repairers, bank branches and tanning salons.
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Core / Core Plus
- Portfolio properties in established retail areas with good purchasing power and a large catchment area
- New buildings with secured building approval – also as forward deals
- Long-term leases with creditworthy tenants
- Economically stable locations with a positive or balanced demographic development
Investment volume: from five million euros
- Retail properties with potential through restructuring, new letting or modernisation
- Commercial properties in inner-city locations and city district locations with anchor tenants from the retail sector
- Properties with lease terms of more than three years
Investment volume: from ten million euros
- Retail properties with short-term leases and / or restructuring needs
Investment volume: individual properties from ten million euros and portfolios from 50 million euros with high development potential