Germany’s department store sector has been in a state of upheaval for some time now. Online trading is a burden on the business model. With the merger of Karstadt and Kaufhof, only one nationwide operating department store group now remains. Houses have recently been closed at numerous previous locations in order to avoid double presence in the future. This automatically raises the question of how to use the properties no longer needed. This article is based on the unique List of the 400 largest German real estate investors in Germany.
- Article based on database of the 400 most important real estate investors in Germany
- Useful information like: asset volume, investment focus (asset classes and regional), link to the purchase profile, contact details, management, etc.
- Direct download as Excel file via the Listenchampion online store possible
- Free preview file available on request
- database is perfect for identifying real estate investors
Future use not yet decided
The sale of a commercial property in Mannheim’s N 7 square to the real estate investor Diringer & Scheidel should be seen in precisely this context. Until recently, the building was used as a Kaufhof store and is now being abandoned as part of the restructuring of the Group. The property is located in a central inner-city location in Mannheim. The transaction is planed to take place in the next few weeks, there is a pre-emptive right to purchase the property. The parties have agreed not to disclose the purchase price.
The excellent location of the property was an important motive for Diringer & Scheidel to buy. The future use of the property has not yet been decided. A use for retail purposes is conceivable, but only by tenants with crisis-proof business models and by no means exclusively, according to the buyer. The building structure also opens up possibilities for additional and other uses. The Diringer & Scheidel group of companies is a traditional Mannheim-based company and has been in existence since 1921. Originally founded as a construction company, Diringer & Scheidel has been increasingly active as a project developer and investor in large properties since the 1980s. The Mannheim purchase is a perfect match.
Source: rnf Picture source: Unsplash