HIH Invest acquires Duisburg neighbourhood retail centre

German investor HIH Invest Real Estate has acquired the mixed-use neighbourhood retail centre Deli in Duisburg in an asset deal. 

Financial details were not disclosed.

The property, which has been in business for more than 20 years in the city’s Rheinhausen district, has a total lettable area of about 18,700 m2 along with 568 car parking spots. The average lease term (WAULT) of the fully occupied neighbourhood retail centre exceeds eight years.

It consists of a complex of three stand-alone retail warehouses and a DIY store. Anchor tenants are an E-Center hypermarket (Edeka) on 7,000 m2 and a toom DIY store on 8,800 m2 of lettable area. Other tenants include a Dänisches Bettenlager home furnishing store on 1,100 m2 and the Frütel Sport & Spiel retail warehouse on more than 1,800 m2 of floor area.

The property will be added to the Perspektive Einzelhandel: Fokus Nahversorgung special AIF for local retail real estate, making it the 18th asset in the fund portfolio.

Jens Nagelsmeier, head of retail transaction at Warburg-HIH Invest, said: 'This retail park is the dominant local retail location within the city district of Duisburg-Rheinhausen, occupied by fast-selling mutually complementary retail tenants.

'The long-term leases, which have already been renewed several times over, are based on the revenues of the high-net-worth tenants at the site.'

Together with neighbouring retailers Aldi Süd (discount supermarket), Fressnapf (pet supplies) and an Edeka drinks cash & carry store, the location forms a retail warehouse agglomeration. Sub-let units inside the E-Center hypermarket that are occupied by Ernsting’s Family (apparel), a hairdresser, a bakery, a pharmacy, a florist and takeaway shops add to the variety.

There are five different driveways to access the parking lots of the standalone building sections either from Alsterlager Strasse or Homburger Strasse. The location is also conveniently accessible via the public transportation system.

Nagelsmeier added: 'Due to its accessibility, the ample parking supply, the size of the hypermarket and the complementary retail formats, the Deli neighbourhood retail centre in Duisburg’s Rheinhausen district is superbly positioned.'

On the buyer side, the legal and tax due diligences were conducted by the Hamburg branch of law firm of Heuking Kühn Lüer Wojtek. The technical pre-acquisition audit was handled by CPH Projekt- und Baumanagement from Hamburg, the same company that also undertook the ESG due diligence by checking location, occupier safety, occupier amenities and energy efficiency.


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