Union Investment has acquired off-market a highly frequented local retail park in Ludwigsburg, about 12 km north of Stuttgart. The catchment area comprises over 100,000 potential customers, who can reach the center within a drive time of ten-minutes. The property with approx. 14,000 m² of leasable area benefits from an attractive mix of tenants and uses comprising essential retail, F&B, medical practices, rehab, fitness studio and apartments. The established retail location is characterized by a high tenant loyalty: the anchor tenant Kaufland has been present for over 20 years.
The purchase is being made on behalf of the institutional fund UII GermanM. The seller is a subsidiary of the Dutch real estate company Brack Capital Properties N.V. The parties have agreed to not disclose the purchase price.
“As part of an off-market approach, we have succeeded in acquiring a mixed-use property in a prosperous location in the greater Stuttgart area at an attractive entry yield. The property with its essential local supply function fits perfectly into our acquisition strategy: It provides cash flow security and stability due to its high online resilience and long-term income streams,” says Laura Roll, Investment Manager Retail at Union Investment.
Union Investment was advised legally by CMS Hasche Siegle, tax-wise by Watson, Farley & Williams, technically by Lehmann Consult and ibb Burrer & Deuring as well as commercially by Wrangel Real Estate who also acted as buy-side brokers in this transaction. The seller was advised by Van Lanschot Kempen, GvW Graf von Westphalen and Drees & Sommer.
