City centres are dependent on attractive retail offers that invite people to shop and contribute to the revitalisation of the centre. An important prerequisite for this is an attractive structural framework. This is exactly what the retail property Primark Kleiner Kiel Kanal in the capital of Schleswig-Holstein offers. It has now been acquired by BNP Paribas Real Estate Investment Management (REIM) Germany. This article is based on the unique List of the 400 largest German real estate investors in Germany.
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Object in prime location for Irish fashion chain
The property is a striking free-standing building in a central Kiel city location, which was only completed last year. Construction had begun in 2017, and the Primark branch was opened in November 2019. Primark is an internationally positioned Irish textile discounter that has expanded strongly on the German market in recent years. The Kiel branch is in a prime location and offers customers a wide range of textiles on 6,900 square metres of sales area. The building has a total of 8,800 square meters of rental space on four above-ground levels and a basement. The associated plot of land is 2,100 square metres in size and is almost completely taken up by the building. Primark has leased the property for (at least) ten years, which means that rental income is guaranteed in the long term.
BNP Paribas Real Estate Investment Management Germany is part of the French financial group BNP Paribas and deals with real estate investments and real estate funds. The Kiel property was acquired for the BNP Paribas Diversipierre fund launched in 2014. This fund is aimed at French investors and has a volume of over EUR 2.1 billion. With the Kiel purchase, the fund portfolio now comprises 27 properties, as well as property-related corporate bonds and equities. The seller of the property is the project developer Art-Invest Real Estate.
Picture source: Unsplash
