Corestate, a leading independent investment management company for real estate and related financing solutions, has sold Warnow Park in Rostock from its Highstreet VIII retail fund, thus underscoring its sales expertise in the very demanding shopping centre market. Corestate’s successful “Highstreet” investment series has so far included around 150 retail properties in attractive locations in medium-sized German cities with a total investment volume of more than EUR 2 billion. Bechtolsheim Real Estate was entrusted with the property valuation and investor approach of Warnow Park.
Frankfurt, 17 December 2021 – Corestate, a leading independent investment management company for real estate and related financing solutions, has sold Warnow Park in Rostock from its Highstreet VIII retail fund, thus underscoring its sales expertise in the very demanding shopping centre market. Corestate’s successful “Highstreet” investment series has so far included around 150 retail properties in attractive locations in medium-sized German cities with a total investment volume of more than EUR 2 billion. Bechtolsheim Real Estate was entrusted with the property valuation and investor approach of Warnow Park.
“We have once again shown that Corestate great expertise and experience at placing large-volume mixed-use retail properties and handed over a long-established and regionally extremely popular centre in top condition. Our “neustädter” shopping mall in the city centre of Giessen is another example of this. We have repositioned the neustädter with an excellent extension and conversion programme and are already at a very advanced stage of talks with a well-known investor,” said Tobias Gollnest, CIO of the DACH region for Corestate.
Warnow Park is part of Rostock’s thriving business and science location. It is a highly attractive, fully-let centre with a fresh look and an 18-year master lease with EDEKA Nord, one of the market leaders in European food retail.
The hybrid shopping centre – a retail park with the characteristics of a shopping centre – serves the Rostock district of Lütten Klein/Lichtenhagen. It was extensively modernised in 2010 and has a demand-oriented sector mix of 40 shops with a focus on short-term needs (including DM, McPaper, Apollo Optik, Deichmann, Reiseland, Vodafone, O2) as well as 10 shop spaces in the gastronomy sector (including Burger King). With a net floor space of approx. 40,000 m², the total retail and gastronomy area amounts to approx. 21,400 m², further types of use are office on 1,125 m² and residential with 27 integrated maisonette flats on 2,300 m². In addition, there are parking decks with LED guidance systems for 1,150 vehicles.
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With 830 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 11 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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