Barings acquires mixed-use property in Mannheim for €45m (DE)

Barings acquires mixed-use property in Mannheim for €45m (DE)

Barings Real Estate Advisers, part of Barings LLC, has acquired a fully-let mixed-use property in Mannheim, Germany for €45m, as part of a core investment strategy in Europe. 

 

The building has a total leasable area of approximately 14,500 m² comprising ca. 9,000 m² of retail and dedicated storage and ca. 5,500 m² of office space across seven floors, as well as two underground floors with 138 parking spaces. Situated in a prominent retail location in the heart of the city centre, the property’s anchor tenant is the German consumer and electronics chain, Saturn Electronic Market, the largest of its kind in Europe, which occupies three floors. The remaining four floors are occupied by eight office tenants.

 

Connected via a galleria to the prime retail street of Planken, the asset is strategically located within walking distance of the town hall, the main train station and the University of Mannheim campus. Mannheim is at the centre of the densely populated Rhine-Necker Metropolitan Region, which is considered one of the top nine retail locations in Germany with a city catchment area of approximately 1.3 million people.

 

Gunther Deutsch, Head of Transactions Europe at Barings Real Estate Advisers, said: Mannheim is a market with favourable dynamics due to a lack of high-quality office and retail space. This acquisition demonstrates our continued commitment to grow our investments in the German real estate market.”

 

Christoph Wittkop, Managing Director and Country Head, Germany, said: “This asset is in a prime location within a thriving shopping destination and benefits from excellent connections for both customers and employees. We have identified a number of worthwhile asset management activities which offer the potential for value growth.”

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