The “LuisenForum” shopping centre at Kirchgasse 6 in Wiesbaden city centre has changed hands.

The 35,000 sq m property, which comprises both retail and office space, was recently sold by Grundstücksgesellschaft Wiesbaden Luisenstrasse/Kirchgasse GbR to property investment company M&G Real Estate. Global real estate services provider Savills advised the purchaser as part of a buy-side mandate while Jones Lang LaSalle acted for the vendor.

“The acquisition of the LuisenForum has allowed our client to expand its portfolio in the retail sector via the addition of an existing retail property. Investment in existing properties is particularly worthwhile in this sector since core assets are scarce in the market and construction activity is rather modest,” says Jörg Krechky, Director / Head of Retail Investment Germany for Savills.

“The shopping centre is situated in the centre of the state capital of Hesse and within walking distance of the main train station. With a diverse sector mix across 50 specialist retailers and stores, anchor tenants such as SATURN, TK Maxx, KARSTADT Sports, dm, REWE, GANT and Gerry Weber, rental income of approximately 7.7 million euros per year and an average unexpired lease term of around six years, the property represents a profitable investment case.” In addition to 19,000 sq m of retail space, the property also provides space for approximately 12,200 sq m of offices as well as 800 parking spaces.