Hanover High Street
16,000 sqm High Street Retail and Office building in the city of Hanover.
The asset is located on the prime pedestrian zone in the heart of Hanover City. The asset benefited from a strong tenant mix such as H&M, Esprit and Fitness First, however the asset contained ca. 3,200 sqm of long term vacant space office along with 4,500 sqm of retail space to be handed back when Kintyre was appointed asset manager.
Kintyre acts in the following capacity on this project:
- Debt Financing – Secured the finance debt and indicative development finance from a national German bank, refinancing from a UK institution prior to the loan being sold and negotiating a significant discount on the original debt amount.
- Asset Management – Kintyre is retained as asset and leasing manager, responsible for the delivery of the Business Plan. The key successes included:
- Re-letting of 2,500 sqm of prime retail space covering basement, ground and first floor to Rossmann to use as their flagship store in their home town
- Letting of 600 sqm and roof terrace to a local restaurant operator
- Letting of 1,250 sqm of office space to a national private blood bank centre
- Letting of 1,700 sqm of office space to a cardiologist clinic.
- Sale of Property – Within 9 months of securing the refinance debt and successfully letting over 5,000 sqm of space the property was sold in an off market transaction to a national German Pension Fund providing a profitable return to the investor.