La Française Real Estate Partners International acquires a high street retail asset in Lübeck
22 November 2016
La Française Real Estate Partners International (formerly La Françaie Forum Real Estate Partners) has acquired a high street retail asset in the Hanseatic city of Lübeck at Breite Straße 47-53, on behalf of two La Française collective real estate investment vehicles. The seller was TRIUVA Kapitalverwaltungsgesellschaft mbH (TRIUVA).
Lübeck is located in the state of Schleswig-Holstein and has the largest tourist ferry port in all of Europe and a well-developed public transport network.
Built in the 1950s and refurbished in 2002/2003, the four story property is comprised of three adjoining buildings and provides lettable floor space of 6,005 sqm for retail, residential and office use. The high street investment, that enjoys good accessibility by public transport, includes three retail units, occupied by well-known tenants including H&M, Hallhuber and Roland Schuhe, with more than 45 meters of shopfront. Residential and office spaces are available on the upper floors.
Jens Goettler, Managing Director-Germany, La Française Real Estate Partners International, said “We are thrilled to have purchased Breite Straße 47-53, our second acquisition in Lübeck. The high level of employment in Lübeck and the high purchasing power of the population are just two factors that make this an attractive investment location for our French retail funds.”
La Française Real Estate Partners International was advised by Hogan Lovells and TA Europe. The broker was JLL. TRIUVA was advised by JONES DAY (legal).