SEB Asset Management has sold the Stubengasse property in Munster's historical city center for approximately 73 million. The new owner is Württembergische Lebensversicherung AG, which has acquired the roughly 17,000-m² shopping center and hotel from the semi-institutional open-ended real estate fund SEB ImmoPortfolio Target Return Fund.
Stubengasse was bought at the end of 2009 for a total investment volume of roughly 67 million.
Württembergische Lebensversicherung AG's investment strategy focuses on the retail, residential and logistics areas. Following purchases of approximately 380 million in 2009 and 2010, the insurer's real estate ratio is currently approximately 7.5%.
This should increase to at least 9% in 2012. Württembergische's long-term investment strategy, with its clear focus on direct investments in Germany, has paid off during the crisis on the financial markets.
Stubengasse's main tenants include Esprit, Karstadt Sport, Deutsche Bank, the Ramada-Treff hotel group and parking operators WBI GmbH. The average remaining lease term is around 10 years. The underground car park boasts a total of 318 parking spaces. The building offers a mix of modern and historical elements thanks to its light natural stone facade, brickwork and aluminum windows.
Munster is one of the biggest cities in Germany in terms of area and attracts approximately 8 million visitors every year. The North Rhine-Westphalian city's large catchment area and attractive retail offering have given it excellent footfall levels for many years.
Source: SEB Asset Management