Two relevant advancements have been recorded for the local supply fund “Immobilienportfolio Deutschland I” (IPD1) of the owner-managed Dr. Peters Group. In Bestwig, North Rhine-Westphalia, an early lease extension was achieved with the non-food discounter TEDi. Concurrently, the anchor tenant LIDL in Thedinghausen, Lower Saxony, announced extensive investments in its premises.
The local supply centre in Bestwig, which the Dr. Peters Group acquired in 2021 as the first property for IPD1, comprises 4,438 square metres of rental space, distributed across three buildings and utilised by four tenants. Besides the anchor tenant REWE, these include the retail chain Centershop, the clothing discounter KiK, and TEDi. TEDi, with a rental area of 700 square metres, originally had an eight-year contract running until 2028. Through the now agreed early extension, the contract duration is at least twelve years, until 2032.
Active Asset Management and Tenant Retention
Fabian Schultheis, Managing Director Real Estate at Dr. Peters, interpreted the early contract extension with TEDi as a success of the group's active asset management. He emphasised that the Dr. Peters Group maintains continuous, partnership-based communication with the users of its properties, instead of only intervening when problems or contract expirations arise. This approach allows for the early identification of potential challenges, the successful long-term operation of the properties, and the assurance of optimal value development for investors.
At the Thedinghausen location within the local supply centre, the anchor tenant LIDL is making further investments. The food discounter is installing a heat pump, which not only ensures the heating and cooling of the sales areas but also handles the air conditioning of the warehouse and ancillary rooms. These ecologically sustainable investments in heating and cooling underscore LIDL's commitment to the location. LIDL has been the main tenant of the local supply centre in Thedinghausen since the construction of the 2,032 square metre property in 2004.
Successes Also in Follow-on Fund IPD2
Similar successes in asset management have recently been recorded for the follow-on fund “Immobilienportfolio Deutschland II” (IPD2). For the local supply centre in Beckum, North Rhine-Westphalia, belonging to the fund, the anchor tenant REWE extended its lease early by at least twelve years. In the second fund property, a local supply centre in Rathenow, Brandenburg, Kranepuhl’s Optimale Möbelmärkte expanded its sales area by an additional 362 square metres of potential space to a total of 1,570 square metres, meaning this property is also fully let.
- —TEDi lease in Bestwig extended early by four years until 2032.
- —LIDL invests in environmentally friendly heating/cooling technology in Thedinghausen.
- —Full occupancy of the four fund properties of IPD1 remains.
- —Lease agreements were also extended early and areas expanded in IPD2.
