BNP Paribas Real Estate Investment Management (REIM) acquired a retail property in Kiel for French real estate mutual fund BNP Paribas Diversipierre. The asset was sold by Art Invest Real Estate, which developed the property for chain retailer Primark. The modern retail asset, which features just under 6,900m² of sales space in a central downtown location and was completed in 2019, celebrated its grand opening in November. Situated in a prime location between Holstenstraße and Andreas-Gayk-Straße, the building adds a fresh, unique touch to Kiel’s shopping street with its classic facade. In recent years, Primark has established itself as one of the most successful fashion chains worldwide. The parties involved have agreed not to disclose the purchase price.
“Kiel’s reputation has grown over the past few years”, explained Isabella Chacon Troidl, Chief Investment Officer of BNP Paribas REIM Germany, and continues, “The property is situated in what is going to be the heart of Kiel’s shopping street. The location will particularly benefit from the restoration of the historic waterway connection between the Kleiner Kiel canal and the Bootshafen and Schwedenkai harbours and the creation of new recreational areas along the water. We can also expect to see an increase in the popularity of German cities as travel destinations due to the current travel restrictions”.
The Primark Kleiner Kiel Canal retail asset was built by Art-Invest Real Estate between 2017 and 2019 on a site encompassing roughly 2,100m². It boasts a total rental area of over 8,800m² and net usable area of almost 6,900m². The building features four storeys above ground and one basement level. It was designed by Wegener Architects, who won the urban planning competition. Fashion chain Primark is the anchor tenant at the property under a ten-year lease.