La Française Real Estate Partners International acquires QuartierWEST retail park in Essen Germany
04 December 2018
La Française Real Estate Partners International has finalized the acquisition from Schoofs-Gruppe of the QuartierWEST retail park in Essen on behalf of two La Française collective real estate investment vehicles.
The retail park is within an established and further developing part within the urban area of Essen. It is part of the residential area of Altenessen and the new Wohnen am Krupp-Gürtel development and should therefore benefit from an increasing costumer basis in its direct vincinity.
The retail park was completed in 2018 and is 100% let to six tenants with long term leases.
The complex provides 12,125 m2 of retail and hotel space and ample outdoor (ca. 200) and underground (ca. 58) parking. QuartierWEST is ideally situated, in close proximity to the tram, just 850 m away. Additionally, the Kronenberg tram stop (lines 101, 103, 105 and 109) is directly in front of the property.
QuartiertierWEST is a two-storey commercial property with retail spaces, ranging from 460 to 4,500 m2 in size, on the ground floor and staff rooms and hotel accommodations on the upper two floors.
Jens Göttler, Managing Director Germany of La Française Real Estate Partners International commented, “We’re confident that the QuartierWEST park will make for a quality long-term investment for our collective real estate investment vehicles. The prime positioning of the asset and the surrounding economic and residential activity should contribute to maintaining the 100% occupancy rate.”
La Française Real Estate Partners International was advised by the law firm Clifford Chance and the technical consultant TA Europe.
1This is an example of an investment held within the portfolio. It is not indicative of future investments and does not fully reflect the composition of the funds.
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