SEB Asset Management invests €68 million to acquire a retail center with hotel (DE)

SEB Asset Management has acquired a newly-built retail center with hotel in the city center of Münster. The overall investment costs amount to approx. €68 million. Developed and sold by the Dortmund-based Harpen Immobilien Gesellschaft, the Stubengasse Münster was completed in 2009. The property has been acquired for the open-ended real estate fund: SEB ImmoPortfolio Target Return Fund.

The Stubengasse property is located in the historic city center Münster; and, is directly connected to the main railway station. The new building consists of two four-storey buildings which combine a mix of hotel and retail (rental surface – approx. 16,800 m²) as well as an underground car park (with 318 parking spaces).

The property is fully let to Karstadt sports, Esprit, edc, Tom Tailor, Deutsche Bank, Café & Bar Celona, E-Plus and Deutsche Telekom as well as the Ramada Treff hotel group. The underground car park is operated by Westfälische Bauindustrie, a municipal subsidiary company. The average term of the rental agreements is approx. twelve years.

Source: SEB Asset Management

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