Corestate has now successfully renegotiated and extended a lease agreement with food retailer REWE for the local shopping center it manages in Werne. At the same time, with the drugstore chain Rossmann, another attractive tenant has been secured for the property on a long-term basis until 2034.
Frankfurt/Werne, 27 August 2022: Corestate has now successfully renegotiated and extended by 15 years a lease agreement with food retailer REWE Dortmund for the local shopping center it manages in Werne, which expires in September 2022. After the renovation of the city mall, REWE will settle in a new area in the mall and will offer a varied and diverse assortment with a large selection of regional and local products in the future. At the same time, with the drugstore chain Rossmann, another attractive tenant has been secured for the property on a long-term basis until 2034.
Currently, concrete contract talks are underway for another long-term tenant for an area of around 1,000 square meters. It is also planned to win a restaurant operator for the center, which will once again significantly increase the attractiveness and diversity of the location. The complete reconstruction and opening of the new shops is planned for the beginning of 2024.
The property has a total of around 5,000 square meters of lettable area and more than 240 parking spaces in a directly adjacent multi-storey car park. It was acquired in 2017 as part of an institutional joint venture structured by Corestate and contributed to the AIF Highstreet VI, which specialized in retail properties. Since then, Corestate has been managing the property as the responsible asset manager.
Located in the center of Werne, the property is situated in the middle of the pedestrian zone of the city center not far from the bus station. Its unique location offers residents and passers-by all the advantages of an inner-city local supply with articles for daily needs as well as excellent connections to public transport.
About CORESTATE Capital Holding S.A. (CORESTATE)
CORESTATE is an investment manager and co-investor with around € 19 billion in assets under management in the core business. 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 more than 500 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. Please visit www.corestate-capital.com for further information.
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