- Purchase agreement signed and takeover of the property by Captiva after completion of project development in spring 2022
- Lettable area of approx. 10,000 square meters with pre-letting rate of more than 85%
- Transaction confirms strong demand from institutional investors for well-planned retail parks in economically strong locations
Baar-Zug (Switzerland), September 27, 2021. 777 Capital Partners AG (777 Capital Partners), a real estate investment boutique which focuses on value-add investments and project developments, has signed a forward deal for its local retail park “Oberpfalz-Arkaden” in Sulzbach-Rosenberg, Bavaria, which is currently under construction. The buyer is Captiva Investment Management GmbH (Captiva), a Hamburg-based asset and investment manager for institutional investors, which will take over the property after completion for a fund under its management.
Visualization of the Oberpfalz-Arkaden after the planned completion in the course of the first quarter of 2022
The purchase agreement foresees that 777 Capital Partners will continue to be fully responsible for the project development until the opening of the retail park. The property development with a lettable area of approximately 10,000 square meters is progressing according to plan. Completion of the property and handover to Captiva is planned in spring 2022. Long-term leases have already been signed for the property with the creditworthy anchor tenants Edeka, Netto, Müller and NKD. Most recently, Fressnapf and the medical supply store Reha Team Nordbayern have signed lease contracts for the property. Further contract negotiations are already being held with other interested parties regarding the few remaining units.
The “Oberpfalz-Arkaden” are being built at a highly frequented location in the city center and on the main thoroughfare of Sulzbach-Rosenberg. Sulzbach-Rosenberg has 20,000 inhabitants and is located in the economically strong Nuremberg metropolitan region. Customer needs will be met with a comprehensive range of groceries, drugstore products, textiles and other articles for daily use, as well as a wide range of services.
“We see strong investor demand for retail parks and local shopping centers in economically stable locations – as is the case with this project in the Nuremberg metropolitan region. Its attractiveness is also reflected in the high pre-letting rate and the long-term leases in a project that is still in an early development stage. With Captiva, we have found a contractual partner early on who has recognized and appreciates the full potential of the property,” says Thomas Landschreiber, partner and co-founder of 777 Capital Partners, and adds that he will maintain a close look at this attractive market segment for further project developments and investments.
Stephan Fritsch, founder and managing partner at Captiva adds: “We are pleased to have found a very attractive addition to our portfolio comprising retail parks at more than 150 locations. With the Oberpfalz-Arkaden, we consider investor interests for long-term stable, value-retaining distributions. We continue to explore opportunities to further develop and expand our portfolio in this segment.”
The parties have agreed not to disclose additional details of the transaction.
About 777 Capital Partners AG
777 Capital Partners AG (777 Capital Partners) is a Baar-based investment manager and co-investor founded by Ralph Winter, Thomas Landschreiber and Micha Blattmann. As a specialized value-added investment boutique and co-investor for real estate in the DACH-region, 777 Capital Partners offers its investors solid expertise in investment and asset management services through a team of specialists with many years of experience. The company has additional offices in Frankfurt am Main and Zurich. 777 Capital Partners is registered in the commercial register of the canton of Zug.
About Captiva Investment Management GmbH
Captiva is a Hamburg-based real estate asset and investment manager for institutional investors, in particular insurance companies, pension funds and banks.
Captiva makes investments through investment programs that are launched and managed individually on behalf of clients. In this way, the company pursues portfolio transactions, single-asset deals, and venture capital real estate transactions in which specialized investment platforms are established or acquired. After the acquisition, Captiva develops the properties in a targeted manner as asset manager. Since its foundation in 2001, Captiva has accompanied transactions for its clients with a total market value of more than EUR 15.0 billion, of which around EUR 6.0 billion in Germany. The existing portfolio in the food retail and local supply sector has more than 150 locations throughout Germany. Another focus of Captiva’s investment strategy is the health sector with outpatient medical care facilities, medical centers and locations for assisted and senior living.
Further information is available at www.captivacapital.com.