The property group Centerscape has expanded its portfolio through the acquisition of a food market in Stuttgart-Feuerbach. The transaction concerns a commercial property at Vera-Vollmer-Straße 8, which comprises a total rental area of approximately 1,100 square metres. The unit has been fully let to the retail chain Penny since its completion in 2013.
The original project developer of the property was the KIZ Group. The tenant Penny recently upgraded the site as part of a modernisation of its store concept. The seller of the property is a private individual. The parties involved agreed to maintain confidentiality regarding the specific purchase price.
Strategic portfolio addition and advice
For Centerscape, the acquisition represents a strategically sensible addition to its existing portfolio. Haydar Sengezer, Senior Investment Manager at Centerscape, emphasised that the property is located at an established site within the Stuttgart urban area and benefits from high demand and a long-term viable local supply function. Centerscape assesses that the modernisation of the Penny market ensures an excellent long-term positioning of the site.
The seller was advised and the transaction mediated by Immoraum Real Estate Advisors, a member of NAI Partners Germany. The buyer was legally advised by GÖRG Rechtsanwälte under the leadership of Julia Jacobs. Technical consulting was provided by htm.a Hartmann Architektur GmbH.
Expansion of the Centerscape portfolio
With this acquisition, Centerscape's property portfolio increases to a total of 277 properties. The company continues to pursue an expansion strategy and plans future acquisitions both in Germany and in the international markets of Poland and the Czech Republic.
Sven Kersten, Managing Director Investment at Immoraum Real Estate Advisors, expressed his delight at the successful seventh transaction with Centerscape, which underscores the mutual trust and reliability in their cooperation. He thanked Centerscape for the long-standing and trustful collaboration and looked positively towards a continuation of the business relationship.
