Trei Real Estate GmbH (“Trei”), an international developer and asset manager for residential and retail real estate, just disposed of a convenience center in Starnberg (Bavaria). The buyer, GRR Group, will add the property to its Article-8 fund, GRR Future Retail Properties 1. The transaction took the form of an asset deal. The two parties agreed not to disclose the selling price.
The three-storey convenience center on Weilheimer Strasse in the southern part of Starnberg was completed in 2020, and provides 4,432 square meters of lettable area. Its anchor tenant is a full-line supermarket of the Edeka chain, whose sales area is located in the basement. Edeka’s lease runs through the end of 2031, subject to three renewal options for five-year terms each. The upstairs floor divides into additional rental units with a total useful area of about 455 square meters. All three units are tenant-occupied by an office, a doctor’s surgery, and a beauty salon, respectively. The tenants and their customers have the use of 115 car parking spots overall.
Pepijn Morshuis, CEO of Trei, commented: “We are glad to have found just the right buyer in the GRR Group and would like to thank them for the constructive partner-like talks we had. The convenience center occupies an excellent location and attracts a large number of customers from Starnberg proper and surrounding areas. It is directly accessible from the B2 federal route, the main thoroughfare in the region. In addition, it is the only combination site in Starnberg, whose direct neighbors, including a Aldi discount supermarket, a Denn’s organic supermarket and a dm drugstore, invest it with a high synergy potential in the local grocery sector.”
The GRR Group is a corporate conglomerate specialising in retail real estate in Germany and providing primarily investment and asset management services. The GRR Future Retail Properties 1 fund is structured as a German special AIF with an open-ended term that applies a clearly environmentally motivated strategy to invest in suitable real estate. The GRR Group is planning to upgrade the property in Starnberg in environmental terms by installing a photovoltaics system, among other measures.
Starnberg is located in Bavaria and home to around 24,000 residents. A district capital, it is known as a popular place of residence within the Munich metro area and a major destination inside a very mobile region, as evidenced by a high percentage of commuters and a large number of tourists. The town’s steady demographic growth points to an upward trend in retail demand over the years ahead.
The estate agency Realkon Immobilien in Munich brokered the transaction on behalf of Trei, with the law firm of Friedrich Graf von Westphalen & Partner acting as legal advisor.