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.
"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."