Prime Pitch Asset Management has sold a mixed-use property complex in Rostock on behalf of one of its closed funds. Buyer is a fund of aik Immobilien Investments. The property is located on the Holzhalbinsel, near the center of the Hanseatic city of Rostock. The property consists of a nursing home ("Pflegeheim"), a retail strip including two supermarkets, an office tower, and a parking garage with 400 spaces. The total lettable area is approximately 16,500 sqm. The property is fully let for a longer period to Edeka, Lidl, Rossmann, Telefonica and Renafan, among others.
The building was developed in 2011/2012 by Delta Immobilienentwicklung and Prime Pitch has had this investment in its portfolio since mid-2013. At the time, the fund in question was the first fund that the Amersfoort-based initiator of real estate investments put on the market under their own label. Prime Pitch has decided to sell it after implementing some value-enhancing measures. Some lease contracts were extended or increased and an extension was realised at the Edeka supermarket. In addition, the greatly improved market conditions in Germany were an important reason for making this exit now. The parties have decided to not disclose a transaction price.
“We are delighted to have been able to achieve such a successful sale in the current market, despite the measures surrounding corona. We have found a professional and solid party in buyer aik ”, says Sjoerd van der Zandt of Prime Pitch. Looking back over the past 7.5 years, Prime Pitch's Rutger Nooij adds: “It is great to see how our expectations have come true in recent years and have been exceeded with this sale. The purchase was not an obvious decision back in 2013. At the time, we were able to convince our investors of the excellent quality of the location and the building. We are very pleased to be able to reward the confidence of our investors with this sale”.
Buyer aik is also enthusiastic about this transaction: “The property is in an exceptional location and has a diverse mix of tenants,” says Dr. Stephan Hinsche, spokesperson for aik management. “The retail space is mainly let to well-known companies for day-to-day needs and fulfills an important function in the local catchment area. This ensures a stable rental situation that forms the basis for long-term profitability of the property.”
CBRE advised Prime Pitch on this transaction and MKRG in Düsseldorf provided legal assistance to the seller.
Aik lmmobilien-lnvestmentgesellschaft mbH is an international company. Since its foundation in 1999, aik has successfully established itself as the real estate investment house for professional pension funds. The fast-growing real estate asset manager has developed into a fixed value in the real estate market.
Aik's managed real estate portfolio currently includes 210 office and commercial buildings in inner-city locations in European metropolises in Great Britain, France, Belgium, the Netherlands, Luxembourg, Austria, Italy and Germany, as well as residential properties in Germany with a volume of more than EUR € 4 billion.
About Prime Pitch
Prime Pitch Asset Management is active in the field of asset management and real estate investments. Prime Pitch's investment focus is on retail, healthcare and residential investments in the Netherlands and Germany. Prime Pitch initiates, structures and manages real estate investment funds and portfolios for professional investors with a core-plus and value-add strategy.
-- Amersfoort, September 14, 2020