BNP Paribas Real Estate Investment Management (BNP Paribas REIM) has acquired a land site with an order to build in the Oslebshausen district of Bremen on behalf of one its clients. The first Toom DIY store to fall under the KfW-40-EE standard in Germany is currently being built at the business park on Schragestraße. The property is also expected to be DGNB Gold certified. Start of construction was in Q1 2022 and completion is planned r for early 2023. The transaction was brokered as an off-market deal. The seller is a subsidiary of the Ten Brinke Group, which initiated the project and is also acting as property developer.
This forward deal is the funds first investment in the retail segment. “Retail parks and DIY stores have seen significant growth in recent years despite the impact of e-commerce and the pandemic,” says Isabella Chacón Troidl, Chief Investment Officer of BNP Paribas REIM Germany, about the current market trend, adding that DIY stores have a particularly positive effect on footfall and will strongly benefit from the anticipated upward trend. She concludes that the DIY segment will remain attractive for investors in the medium term thanks to reliable rental growth and comparatively strong yields.
The decision to go ahead with the investment was also based on the property’s particular focus on sustainability as early as the planning stage. High-quality insulation and a state-of-the-art heat recovery system integrated into the ventilation system will reduce the amount of energy used for heating. Energy consumption will also be significantly reduced through the installation of skylights, LED luminaires and solar panels. “The property fits in perfectly with our understanding of real estate as a living asset that makes a beneficial contribution to society and local communities. DIY stores offer a wide range of essential products and the new Toom store also addresses a regional supply gap. The new-build will also make a vital contribution to sustainability in the real estate sector thanks to its high energy standard,” says Isabella Chacón Troidl.
Source: reim.bnpparibas.com on the 19th of April 2022
https://reim.bnpparibas.com/en/reim-acquires-first-toom-diy-store-certified