HIH Invest has acquired “Warnow Park” in Rostock on behalf of an individual mandate given by an institutional investor. The popular district centre at Rigaer Strasse 5 in the Lutten Klein district was sold by “Highstreet VIII,” a retail property fund managed by Corestate. The property, developed and designed to excellent specifications, opened for business in 1995 and was most recently refurbished in 2010.
The centre comprises 40,470m² offering about 26,000m² of attractive retail area on the ground floor and first floor up, the three levels above them providing more than 1,000 parking spots while the basement is taken up by plant rooms and storage areas. In addition, there are about 30 split-level apartments with a combined floor area of about 2,300m² on the second and third floor, as well as 1,125m² of office space.
The long-term master tenant of the property is Edeka Nord, a food retail chain that operates an E-Center hypermarket on 8,224m². The primary sub-tenants include the retail chains KIK, Takko, dm Drogeriemarkt, and Jysk. Ten units are currently occupied by gastronomic venues. The remaining term of the triple net lease is around 18 years. Fully occupied except for a single lock-up retail unit, “Warnow Park” attracts 14,000 visitors a day.
“Master tenant Edeka Nord has a blue-chip credit rating. At the same time, ‘Warnow Park’ has proven resilient during the coronavirus crisis with its strong focus on local amenities and its need-based sector diversification. Out of the total of about 50 retail units, around 30 remained open for business throughout the pandemic,” commented Jens Nagelsmeier, Head of Transaction Management Retail at HIH Invest.