CBRE Investment Management has sold the neighbourhood shopping centre Lurup Center in Hamburg to investment and asset manager Captiva and fund service provider Universal Investment. The fully leased asset had been held on behalf of a separate account mandate.
The asset at Eckhoffplatz 1 offers around 13.300m² of rental space as well as 410 parking spaces. Anchor tenants include a Kaufland supermarket, drug store Rossman, non-food discounter Action, textile discounter KiK and Diakonie, the social welfare organisation of Germany’s Protestant churches. The tenant mix also includes restaurants as well as other local amenities such as a Postbank branch bank, a bakery and a pharmacy.
Marius Schoner, Country Manager Germany at CBRE Investment Management, said: “The Lurup Center is one of our success stories within our retail portfolio. Providing local amenities, the neighbourhood centre performed very well during the pandemic. Through active asset management, we have extended several existing leases and closed new contracts over recent years and have successfully concluded the business plan for one of our separate account mandates.”
Torben Neumann, Managing Director at Captiva, added: “We are very pleased that we transacted the deal in these challenging times – proof that we are a reliable partner offering high transaction security, independent of market cycles. We would like to take this opportunity to thank CBRE Investment Management for the professional and always target-oriented cooperation.”