Union Investment acquires Planetencenter in Garbsen from Savills Investment Management
Fully let retail park in the Hanover catchment area
1 March 2022 I Author Astrid Lipsky I Reading time 2 minutes
Union Investment has acquired a retail park at Planetenring 25-27, 31-33 in Garbsen, Germany. The acquisition of the Planetencenter is being made on behalf of special real estate fund UII GermanM. International real estate investment manager Savills Investment Management is the vendor. The purchase price was not disclosed.
The town of Garbsen is part of the economically thriving Hanover region. Garbsen and Hanover form a virtually seamless whole and are very well interconnected in terms of transport links. Hanover city centre is only around 20 minutes away by car, for example. The Planetencenter is also directly adjacent to Garbsen subway station.
The Planetencenter comprises two single-storey structures: a new retail strip built in 2014 and an existing building which was originally constructed in 1983/84 and completely refurbished in 2015/2016. Divided into 38 units, the rental space totals around 16,700 sq m and is fully let with the exception of a food unit. The tenant mix at the Planetencenter is focused on meeting local needs. Around half of the rental income comes from the three anchor tenants Edeka, Aldi and Rossmann.
“In the retail sector, our acquisition activity is focused on essential retail. By acquiring the Planetencenter we’re gaining a modern, established centre which is geared to local needs and features a crisis-proof tenant mix that is appropriate for the location.”
Roman Müller, Senior Investment Manager at Union Investment
"The Planetencenter with its colorful mix of stores for daily needs has proven its resilience during the challenging Corona period. The sale has now been made to realize the appreciation the center has experienced since our acquisition in 2015", said Tim Ulrich, Deputy Head of Transactions Germany at Savills Investment Management.
Union Investment was advised on legal aspects of the deal by Möhrle Happ Luther and on tax matters by POELLATH. HPC and C.P. Hamburg advised on environmental and technical aspects. Savills Investment Management was advised by Noerr Attorneys at Law, Savills, PwC and Arcadis.
For Union Investment Institutional Property GmbH