CR Investment Management the pan-European financial advisory firm focused on the real-estate, shipping and infrastructure sectors, has announced that it has sold the former Hertie department store located in Höxter, Lower Saxony in Germany, to Fokus Development AG.
The former Hertie properties are part of the so-called Mercatoria portfolio for which CR is the appointed asset manager since 2012. The sale of the Höxter store marks the 20th transaction within the portfolio to be completed by CR, with 11 further assets remaining.
The department store is located in the city centre of Höxter with high customer footfall and good transport links. The property has three storeys and a basement with 4,623 sqm of lettable area including 3,200 sqm of retail space. The department store is enclosed by a pedestrian area on two sides and a parking garage with connections to the basement of the property is situated underneath the market square.
Fokus Development AG plans to gut and partially convert the building. The refurbished property will have a lettable area of 3,700 sqm over three retail levels. The project represents an investment of around €8m and construction is due to start in early 2015.
The seller was also represented by loan servicer Hatfield Philips, who in turn was advised by the law firm Kaye Scholer.