Union Investment has acquired a retail park at Planetenring 25-27, 31-33 in Garbsen, Germany. The acquisition of the Planetencenter is being made on behalf of special real estate fund UII GermanM. International real estate investment manager Savills Investment Management is the vendor. The purchase price was not disclosed.
The town of Garbsen is part of the economically thriving Hanover region. Garbsen and Hanover form a virtually seamless whole and are very well interconnected in terms of transport links. Hanover city centre is only around 20 minutes away by car, for example. The Planetencenter is also directly adjacent to Garbsen subway station.
The Planetencenter comprises two single-storey structures: a new retail strip built in 2014 and an existing building which was originally constructed in 1983/84 and completely refurbished in 2015/2016. Divided into 38 units, the rental space totals around 16,700 square metresand is fully let with the exception of a food unit. The tenant mix at the Planetencenter is focused on meeting local needs. Around half of the rental income comes from the three anchor tenants Edeka, Aldi and Rossmann.
Union Investment was advised on legal aspects of the deal by Möhrle Happ Luther and on tax matters by POELLATH. HPC and C.P. Hamburg advised on environmental and technical aspects. Savills Investment Management was advised by Noerr Attorneys at Law, Savills, PwC and Arcadis.
Source: realestate.union-investment.com on the 1st of March
https://realestate.union-investment.com/en/media-centre/press-releases/2022/acquisition_planetencenter_hanover.html