Pirelli RE sells Große Straße retail premises in Osnabrück to Union Investment for €33.4 million (DE)

Union Investment Real Estate GmbH has acquired from Pirelli Real Estate the Große Straße retail premises in Osnabrück for their Unilmmo:Deutschland open-ended real estate investment fund. Pirelli RE has sold the property with effect from April 30th 2010 for a sum of €34.4 million.


The project profits from high footfall in Große Straße.

"With the acquisition of the Große Straße retail premises in Osnabrück, we have supplemented our portfolio with a further attractive retail project," announced Dr. Frank Billand, Member of the Board of Management of Union Investment Real Estate GmbH with responsibility for Asset Management Deutschland. "The retail premises, which are situated in the pedestrian area's absolutely top location, profit from the high footfall and, because of the top-of-the-range tenant structure, provide stable yields. Pirelli RE will also continue to provide Property Management for the building."

"With the Große Straße retail premises we have been able to realise a successful retail project development in Osnabrück and are happy to have been able to provide a positive contribution to urban development," explained Martin Mörl, head of Pirelli RE Asset Management Deutschland GmbH, and added that "the centrally located Große Straße retail premises in Osnabrück provides well-known retail brands and, as a recognized meeting point, is making a valuable contribution to revitalizing the center of Osnabrück."

The retail premises project on Große Straße was developed by Pirelli RE and completed at the end of 2009. The building provides a rented space of around 7,000 m² with 27 meters of frontage onto 'Große Straße' and 45 meters onto 'Große Hamkenstraße'.

The C&A Fashion clothing store, as main tenant, is renting an area of 4,800 m² spread across three floors. Further major tenants are Pieper perfumery and the Dutch accessories supplier Xenos. The well-known Osnabrück optician Brillenmacher has opted for a change of location within the city and successfully rounds off the tenancy concept.

"The new retail premises attracts through its modern commercial architecture, using both large-scale glass elements as well as bright natural stone," explains Mörl, and adds: "The project profits from the very high footfall in the 'Große Straße' and 'Große Hamkenstraße', since the building borders directly onto both pedestrian areas."

Source: Pirelli

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