ALÌTUS buys retail property near Hamburg.

ALÌTUS Capital Partners has acquired a retail property in the Elbe city of Glückstadt between Hamburg and Brunsbüttel. The seller of the property is a foreign investor. The parties have agreed not to disclose the purchase price.

The retail property was built in 1986 and supplemented by a further building in 1992. The property comprises a total of 7,774 m² and 2,782 m² of retail space divided between two rental units. 125 parking spaces are available for customers. In one of the buildings EDEKA operates a food retailer, the second area, a former Aldi market, is empty. ALÌTUS plans to increase the existing value creation potential. Various scenarios are conceivable. The Franconian investor is currently examining a new building in close cooperation with the city as well as the further development of the existing building. However, the area will continue to focus on food retailing in the future.

Due to its location directly on the B 431 and good public transport connections, the property is an important component of Glückstadt's local supply. Manfred Kronas, Managing Director of ALÌTUS, says: "Due to the excellent visibility and accessibility of the location, there is a high added value potential for the property. Our investments focus on selected opportunistic retail properties with good microlocations. The site therefore fits perfectly into our portfolio".

The project developer Hagemeister Development from Kiel acted as an intermediary in the transaction.

Excerpt "Press release ALÌTUS Capital Partners of 10.09.2018"