CBRE Investment Management Sells Lurup Center in Hamburg
December 6, 2022
CBRE Investment Management has sold the neighbourhood shopping centre Lurup Center in Hamburg to investment and asset manager Captiva and fund service provider Universal Investment. The fully leased asset had been held on behalf a separate account mandate.
The asset at Eckhoffplatz 1 offers around 13,300 sqm of rental space as well as 410 parking spaces. Anchor tenants include a Kaufland supermarket, drug store Rossman, non-food discounter Action, textile discounter KiK and Diakonie, the social welfare organisation of Germany’s Protestant churches. The tenant mix also includes restaurants as well as other local amenities such as a Postbank branch bank, a bakery and a pharmacy.
Marius Schöner, Country Manager Germany at CBRE Investment Management, said: “The Lurup Center is one of our success stories within our retail portfolio. Providing local amenities, the neighbourhood centre performed very well during the pandemic. Through active asset management, we have extended several existing leases and closed new contracts over recent years and have successfully concluded the business plan for one of our separate account mandates.”
Torben Neumann, Managing Director at Captiva, adds: “We are very pleased that we transacted the deal in these challenging times – proof that we are a reliable partner offering high transaction security, independent of market cycles. We would like to take this opportunity to thank CBRE Investment Management for the professional and always target-oriented cooperation.”
In the transaction, Captiva acted as investment manager for a real estate Special Fund administered by financial investment management service provider (KVG) Universal Investment. The buyer was advised by Jebens Mensching (legal & tax) and Consulting Partners Hamburg (tech). BCLP (legal & tax) and Drees & Sommer (tech.) advised CBRE Investment Management. The deal was brokered by CBRE GmbH.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $143.9 billion in assets under management* as of September 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
Captiva is a real estate asset and investment manager for institutional investors, in particular insurance companies, pension funds, savings banks and credit unions. Captiva makes investments through investment programmes 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 specialised 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 with a market value of more than 15 billion euro for its clients, of which around 6 billion euro were in Germany. In the area of food retail and local supply, Captiva currently manages a portfolio with more than 180 locations nationwide and continues to expand it in line with its investment strategy.
About Universal Investment
The Universal Investment Group is one of Europe's leading fund service platforms and Super ManCos with around 900 billion euro in assets under administration, around 7,000 fund and investment mandates and more than 1,400 employees at locations in Frankfurt, Luxembourg, Dublin, London, Paris, Stockholm, Hamburg and Krakow. Founded in 1968, the company is an independent platform offering fund initiators and institutional investors structuring and administration solutions as well as risk management for securities, real estate and alternative investments. The companies EFA, UI labs, UI Enlyte and CAPinside round off the group's innovative service offering. The company is a signatory of the UN Principles of Responsible Investment and a member of Forum Nachhaltige Geldanlagen e. V. (as of October 2022).