24 September 2018
Union Investment acquires Beckhaus Center in Bielefeld
Union Investment has acquired the newly constructed Beckhaus Center in Bielefeld. The modern retail park on Beckhausstraße offers 4,800 sq m of rental space and 193 parking spaces and is fully let. The two anchor tenants are Rewe and Aldi, who together occupy around 90 per cent of the space. The vendor and developer of the Beckhaus Center is the Berlin-based Carlton Group. The purchase price was not disclosed. The acquisition will be added to the holdings of institutional open-ended real estate fund UniInstitutional German Real Estate.
“Acquisition of retail parks is an important element of our strategy for the retail sector. Our investment and asset management decisions are focused on our tenants’ needs and those of their customers. The fund will further reinforce its strong performance and generate stable income by adding properties of this kind,” said Matthias Bulir, fund manager at Union Investment Institutional Property GmbH.
The Beckhaus Center has been constructed in an established location with a decades-long retail heritage and is approximately two kilometres from the centre of Bielefeld. Beckhausstraße connects the city centre with the residential areas to the north. Union Investment estimates that the property’s catchment area comprises around 26,000 people. The headquarters of Miele and the municipal utility company Stadtwerke Bielefeld are in the immediate vicinity of the Beckhaus Center.
UniInstitutional German Real Estate invests exclusively in Germany. Following this acquisition, it now holds 16 properties worth a total of over EUR 520 million. The Beckhaus Center is the fourth retail property in the fund and the second retail park after the Meister Areal retail park in Nuremberg, which was acquired in 2014. The fund is broadly diversified, with investments spread across the office, retail, hotel, logistics and residential segments.