Union Investment has acquired off-market a local retail park in Ludwigsburg, about 12 km north of Stuttgart.
The purchase is being made on behalf of the institutional fund UII GermanM. The seller is a subsidiary of the Dutch real estate company Brack Capital Properties N.V.
The parties have agreed to not disclose the purchase price.
The catchment area comprises over 100,000 potential customers, who can reach the center within a drive time of ten-minutes.
The property with approx. 14,000 m² of leasable area benefits from an attractive mix of tenants and uses comprising essential retail, F&B, medical practices, rehab, fitness studio and apartments.
The established retail location is characterized by a high tenant loyalty: the anchor tenant Kaufland has been present for over 20 years.
“As part of an off-market approach, we have succeeded in acquiring a mixed-use property in a prosperous location in the greater Stuttgart area at an attractive yield. The property with its essential local supply function fits perfectly into our acquisition strategy: It provides cash flow security and stability due to its high online resilience and long-term income streams,” says Laura Roll, Investment Manager Retail at Union Investment.
Union Investment was advised legally by CMS Hasche Siegle, tax-wise by Watson Farley & Williams, technically by Lehmann Consult and ibb Burrer & Deuring Ingenieurbüro GmbH as well as commercially by Wrangel REAL ESTATE who also acted as buy-side brokers in this transaction. The seller was advised by Van Lanschot Kempen, GvW Graf von Westphalen and Drees & Sommer.
