Trei Real Estate GmbH (“Trei”), an international developer and asset manager for residential and retail real estate, just disposed of a fully occupied neighborhood retail center in the town of Murnau (Bavaria). It was sold to a regional family office. The transaction took the form of an asset deal. The two parties agreed not to disclose the selling price.
The three-storey neighborhood retail center, located at Untermarkt in the southern part of Murnau, operates under the name of “Tengelmann Center.” The property was completed in 2007 and has a lettable area of 5,492 square meters. Its anchor tenant is a full-line supermarket of the Edeka chain. Aside from Edeka, incumbent retail tenants include a Netto food discounter, a Rossmann drugstore and a Kik discount textiles store. Other areas inside the complex are used as restaurants, doctors’ surgeries and offices. A total of 198 car parking spots are available to the tenants and their customers.
Pepijn Morshuis, CEO of Trei, commented: “The neighborhood retail center in Murnau represents a well-established location with residential buildings in the immediate vicinity and convenient transportation access. Due to its wide range of retail and service options, the center is popular among both local and regional shoppers, and its appeal is further enhanced by other gastronomic outlets and shopping amenities directly in the neighborhood as well as the close proximity to the town center.”
Murnau sits on the shore of the Staffelsee lake in Bavaria, and its population of roughly 12,150 residents makes it the second-largest municipality in the district of Garmisch-Partenkirchen. While hugely popular with tourists, the district is also a sought-after residential location in the Munich metro area. Given the steady demographic growth of recent years, it is reasonable to expect an upward trend in retail demand over the coming years.
Colliers acted as agent on behalf of Trei, while legal counsel was provided by the Dentons law firm. The buyer was represented by the Rittershaus law firm.