Technical due diligence of the purchaser was carried out by Drees & Sommer and they received legal advice from Kucera Rechtsanwälte. The seller was legally advised by the law firm Zenk.
Established district center in high-growth metropolis
Located in Hamburg’s Langenhorn district at Krohnstieg 41-43, the center has a diverse tenant mix across some 17,100 sq m of leasable space, comprising the retail, service, office, medical practice, and restaurant sectors. The main tenants are an EDEKA supermarket, the sporting goods supplier Decathlon, and a Budnikowsky drugstore. The weighted average remaining lease term (WAULT) is around eight years.
The property, which was built in 2004, consists of three building sections and was extensively revitalized by HBB from 2019 to 2021. Since then, EDEKA has been operating a modern hypermarket in a reduced area and Decathlon has been added as a new tenant. Other existing tenants have been relocated, areas have been modernized and reallocated.
Following the revitalization, the local shopping center presents itself with a new exterior façade and has tenants with strong credit ratings. HBB Centermanagement GmbH & Co. KG will continue the center and property management.
