Retail warehouse hanover

Savills Investment Management, the international property investment manager formerly known as Cordea Savills has acquired “Planetencenter” a retail warehouse park and district centre in Garbsen, near Hanover, from the Lüder Group on behalf of its European Retail Fund (ERF).

The site, which was developed by the Lüder Group, opened in May this year. It has a gross lettable area of c.16,600 square metres and 520 parking spots. It represents a revitalised Edeka-Centerand is also home to other retail brands including Aldi, Rossmann, Deichmann, bonprix, Takko, Depot, Kik and a branch of Targobank.

Helmut Jahn, Investment Manager at Savills Investment Management in Germany, commented: “This is an attractive district centre with superb transport connections that has been substantially upgraded by the redevelopment. The Planetencenter scheme is a perfect investment that meets the high standard required by the ERF.”

With the acquisition of the Planetencenter, Savills Investment Management has now committed more than 130 million Euros on behalf of the ERF this year to date. This brings the total amount invested in the fund to over 320 million Euros.

Ian Jones, Director of Investment at Savills IM, explained:

“Existing equity commitments have largely been drawn down. Additional assets are in the pre-acquisition audit stage with a focus on the Netherlands. We predict that the portfolio volume will approach the 400 million Euros mark before the end of the year.”