Hamburg, 17 May 2018 – The Hamburg based redos Group has acquired an OBI DIY store and garden centre in Wiesbaden. The property was purchased for the special fund “Redos Einzelhandel Germany II”, which the independent retail property specialist set up for institutional investors in September 2017 together with Union Investment under a third-party AIFM mandate. The property has a total GLA of around 13,900 sq m and a WALT of 9.5 years. The plot, which measures approximately 32,800 sq m, also includes close to 330 free parking spaces. The seller is TONI IMMOBILIEN Dr. Krafft KG. The parties agreed to keep the purchase price confidential.
Location at key retail site
The DIY store at Friedrich-Bergius-Strasse 20, situated directly at the busy A66/A643 motorway junction, was built in 2002. The growth and sales prospects for the asset are very good due to its location at one of Wiesbaden’s most important retail destinations. The mixed-use area, which encompasses Äppelallee, Hagenauer Strasse and Friedrich-Bergius-Strasse, is supplemented by a residential neighbourhood and home to a number of companies from different industries. The area’s total sales floor measures around 150,000 sq m and brings in shoppers from beyond the city’s limits.
The DIY store’s catchment area additionally enjoys a very high purchasing power. “The combination of the property and location factors gives us a high level of planning security and makes this investment very promising for the long term,” said Torsten C. Wesch, Managing Director and Head of Fund Management at redos.
Wiesbaden, which is the state capital of Hesse, has a population of around 276,000. It is considered an attractive, well-connected business destination and, given of its central location, is home to a large number of national and international companies.
The redos Group, headquartered in Hamburg, is one of the leading independent retail property specialists, focussing on the areas of investment, asset management, fund management, redevelopment, leasing and advisory business. As an investor and active asset manager, the company covers the entire value chain for large-scale retail properties – for hybrid and conventional shopping centres, retail parks and hypermarkets. redos serves all risk classes and offers every type of investment vehicle for institutional investors. In addition to acting as a co- investor, the company has excellent tenant access and extensive revitalisation expertise. redos can look back on a long track record in the field of restructuring and value optimisation. The retail property specialist currently manages a retail real estate portfolio worth around €3.2 billion at 104 locations throughout Germany. redos manages a total of more than 1.382 million m2 of rental area. With its property database ROB, the company has access to detailed information on around 18,000 retail locations throughout Germany.