|
SEB Asset Management has sold the Stubengasse property in Munster’s historical city centre for approximately EUR 73 million. The new owner is Württembergische Lebensversicherung AG, which has acquired the roughly 17,000 sqm shopping centre and hotel from the semiinstitutional open-ended real estate fund SEB ImmoPortfolio Target Return Fund. Stubengasse was bought at the end of 2009 for a total investment volume of roughly EUR 67 million.
Württembergische Lebensversicherung AG’s investment strategy focuses on the retail, residential and logistics areas. Following purchases of approximately EUR 380 million in 2009 and 2010, the insurer’s real estate ratio is currently approximately 7.5%. This should increase to at least 9% in 2012. Württembergische’s long-term investment strategy, withits clear focus on direct investments in Germany, has paid off during the crisis on the financial markets.
Stubengasse’s main tenants include Esprit, Karstadt Sport, Deutsche Bank, the Ramada-Treff hotel group and parking operators WBI GmbH. The average remaining lease term is around 10 years. The underground car park boasts a total of 318 parking spaces. The building offers a mix of modern and historical elements thanks to its light natural stone facade, brickwork and aluminium windows.
Munster is one of the biggest cities in Germany in terms of area and attracts approximately eight million visitors every year. The North Rhine-Westphalian city’s large catchment area and attractive retail offering have given it excellent footfall levels for many years.
Fonte: CS della Società
|
