777 Capital Partners AG, a real estate investment boutique which focuses on value-add investments and project developments, has signed a forward deal for its local retail park “Oberpfalz-Arkaden” in Sulzbach-Rosenberg, Bavaria, which is currently under construction. The buyer is Captiva Investment Management GmbH , a Hamburg-based asset and investment manager for institutional investors, which will take over the property after completion for a fund under its management.
The purchase agreement foresees that 777 Capital Partners will continue to be fully responsible for the project development until the opening of the retail park. The property development with a lettable area of approximately 10,000 square meters is progressing according to plan. Completion of the property and handover to Captiva is planned in spring 2022. Long-term leases have already been signed for the property. Further contract negotiations are already being held with other interested parties regarding the few remaining units.
The “Oberpfalz-Arkaden” are being built at a highly frequented location in the city center and on the main thoroughfare of Sulzbach-Rosenberg. Sulzbach-Rosenberg has 20,000 inhabitants and is located in the economically strong Nuremberg metropolitan region. Customer needs will be met with a comprehensive range of groceries, drugstore products, textiles and other articles for daily use, as well as a wide range of services.
Source : 777 Capital Partners