Bank real estate investor from Wolfsburg buys two shopping centres

Bank real estate investor from Wolfsburg buys two shopping centres

Banks look for new profitable business areas in times of low interest rates. Only little can be earned with traditional lending and deposit business. Real estate investments offer an interesting expansion of the traditional business portfolio. Rental income instead of interest income – this could be the strategic approach. Volksbank Braunschweig Wolfsburg eG – in short: Volksbank BraWo – is taking this path. This article is based on the unique List of the 400 largest German real estate investors in Germany.

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Rental income instead of interest income – strategy of Volksbank BraWo

The cooperative bank recently acquired two shopping centres in the city centre of Pinneberg from a group of investors. Pinneberg is located in southern Schleswig-Holstein and has de facto developed into a western suburb of Hamburg. The two properties – the Rathauspassage Pinneberg and the so-called inner courtyard development – form a coherent building ensemble. It comprises a total area of 20,640 square metres, of which the Rathauspassage accounts for the largest part.

Both objects were created in the first years after the turn of the millennium. The architecture is accordingly modern. The construction was carried out at that time as part of the complete redesign of the town hall area and is still of urban significance for Pinneberg. The two properties are let to a total of 26 tenants. These include the city of Pinneberg, the local tax office, a savings bank and various retail outlets.

Volksbank BraWo was created in 2005 from the merger of the previously independent Volksbanken Braunschweig and Wolfsburg. With a balance sheet total of over four billion euros, it is one of the larger co-operative credit institutions in Germany. The Rathauspassage is already the bank’s sixth major shopping centre or specialty store investment. Just a few days ago, the bank bought another large shopping property, the CityPalais in Duisburg, the seventh in its portfolio.
Source: Regional heute Picture source: Unsplash

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