Stuttgart – Württembergische Lebensversicherung AG has acquired a retail park in Dortmund and one in Mannheim. The vendor in both cases is METRO PROPERTIES GmbH & Co. KG of Saarbrücken. The property in Dortmund's Wulfshofstraße comprises around 24,000 sq m, while the site on Spreewaldstraße in Mannheim offers 27,000 sq m of retail space. Both are fully let.
A team from CMS Hasche Sigle led by Dr Volker Zerr advised Württembergische on all aspects of real estate law in relation to the transaction. The law firm has previously acted on behalf of the insurance company, which is part of the Wüstenrot & Württembergische Group, in a number of purchases and sales. These include the recent sale of the Calwer Passage in Stuttgart and the acquisition of a retail park in Munich. The company has been a CMS Hasche Sigle client for many years.
The newly acquired properties have been subject to extensive refurbishment by METRO PROPERTIES since 2011 and have also been extended. Overall completion is scheduled for the third quarter of 2013. In addition to anchor tenant Real, with about 13,000 sq m of retail space at each location, the retail parks include branches of Aldi, dm Drogeriemarkt, Media Markt and Deichmann. In total, each of the properties has almost 40 tenants. The existing leases will be transferred to the new owner.
CMS Hasche Sigle
Dr Volker Zerr, Real Estate, Lead Partner
Dr Christian Haellmigk, Partner, Competition
Dr Franziska Rösch, Real Estate
Martin Filip, Real Estate
Dr Sascha Pelka, Competition