Concept Immobilien Projektentwicklungs (CIP) has acquired shopping center Casinopark in Wentorf close to Hamburg. The company expects that the investment will allow it to sell to the property as a core product. The purchase price has been estimated at €20m, according to media reports, while the current renovation plans call for an investment of around €35m. Made up of five buildings, the property offers 12,800 sqm of space, 80 percent of which is leased. Its main tenants include Rossmanm, Aldi and Edeka. JLL acted as an adviser to CIP during the acquisition process.
