BNP Paribas Real Estate Investment Management (REIM) Germany has acquired a retail property in Kiel for French real estate mutual fund BNP Paribas Diversipierre from Art Invest Real Estate. The parties involved have agreed not to disclose the purchase price.
The retail property in Kiel was developed for chain retailer Primark. The modern retail asset, which features just under 6,900 sqm of sales space in a central downtown location and was completed in 2019, celebrated its grand opening in November.
Situated in a prime location between Holstenstraße and Andreas-Gayk-Straße, the building adds a fresh, unique touch to Kiel’s shopping street with its classic facade.
“Kiel’s reputation has grown over the past few years”, explains Isabella Chacón Troidl, Chief Investment Officer of BNP Paribas REIM Germany, and continues, “The property is situated in what is going to be the heart of Kiel’s shopping street. The location will particularly benefit from the restoration of the historic waterway connection between the Kleiner Kiel canal and the Bootshafen and Schwedenkai harbours and the creation of new recreational areas along the water. We can also expect to see an increase in the popularity of German cities as travel destinations due to the current travel restrictions”.