Frankfurt, 30 August 2017 – Kintyre, a real estate manager and investor specialising in retail and office space, has acquired a strategic 5.1% interest in the well-known “Drehscheibe” shopping centre in Bochum. In parallel, an eight-year management contract, for the provision of letting, asset management and centre management services, has been agreed. Kintyre was advised by King & Spalding.
The objective is to reposition the centre, which is situated in the pedestrianised zone at the heart of Bochum’s main shopping street.
The property was acquired last December by a group of private investors from Deutsche Bank.
The “Drehscheibe” shopping centre has a total area of ca. 12,000 sq m. It is currently around 75% occupied by 35 tenants, including the anchor Rewe. Kintyre is currently negotiating leases with two other potential tenants, on an area of around 3,500 sq m. Conclusion of the leases is expected by the 4th quarter of 2017. The shopping centre will then be fully let.
Adam Pearce, Partner of Kintyre, comments: “At Kintyre, the repositioning of retail property is in our genes. We are delighted that the repositioning of the project can now be combined with our long-term full-service management of the ‘Drehscheibe’ shopping centre.”