IPH leases space to Penny and Rossmann in Geretsried (DE)

At the end of August, housing cooperative Baugenossenschaft Geretsried eG started construction of a new residential and retail complex in Sudetenstrasse in Geretsried's central business district. Around 100 new rental and retail units are being built in two construction phases on a property measuring 13,000 m².

The apartments, ranging from studios to two-bedroom dwellings, will be let on the open market. The project development is managed by IPH Handelsimmobilien GmbH, Munich.

The first construction phase will provide two retail units, which IPH has successfully leased to the discount chain Penny (1,060 m²) and the drugstore chain Rossmann (760 m²).

As IPH's Matthias Stich explains, another 1,600 m²of retail space is planned as part of the second construction phase. The lease negotiations for the other three retail units are under way and due to be completed shortly. Completion of the project in Geretsried's central business district is planned for 2014. The housing cooperative intends to retain ownership of the Sudetenstrasse development after completion.

Baugenossenschaft Geretsried eG has constructed and operated residential and commercial space for over 60 years. It is the facility manager of general and limited common elements for around 800 residential and retail units. Over one quarter of Geretsried's inhabitants now live in apartments or houses built by the housing cooperative. The cooperative's portfolio currently comprises over 2,100 residential units.

Source: Targa Communications

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