HIH Invest Real Estate (HIH Invest) has sold a DIY store and garden centre in Hanover-Linden. The property at Elfriede-Paul-Allee 15 in the capital of Lower Saxony was part of the portfolio of the open-ended special AIF “HIH Germany High Income Fund” launched in 2014. Sonae Sierra and the Spanish Bankinter Investment bought the property for a newly launched Spanish REIT called ORES Germany.
Built in 2000 on a 48,709 square metre site, the DIY store has a total rental area of 17,621 square metres and 663 parking spaces. It is fully let to the DIY chain OBI.
“We have found an excellent buyer in the vehicle launched by Sonae Sierra and Bankinter Investment. Sonae Sierra has outstanding retail expertise. The DIY sector has been booming since the start of the coronavirus pandemic in 2020, and the location in the Linden-Limmer district has considerable potential, as it is not only conveniently located, but also in the centre of a catchment area with extensive residential development. The tenant OBI is one of the largest DIY store chains in Europe,” says Daniel Falch, Head of Transaction Management Retail Warehouse at HIH Invest.
The legal sales review was carried out by the law firm Heuking from Hamburg and the property was brokered by CBRE.
