The building was purchased in a distressed bank sale at a discount to market. We implemented a strategy to reposition the centre through capex and re-letting to reduce rental share of electronics retail and create a new food-anchored retail just off the pedestrian high street.
Multi-let at acquisition to 9 tenants including Saturn, Aldi and KiK, it was acquired with 20% vacancy, the first phase was a comprehensive retrofit of the ground floor, removing Saturn and creating new space for food retailer Edeka and expanded area for existing tenant Aldi. We worked closely with Edeka, who brought their new, highly sustainable store concept.
In phase two, we completed works to the first floor, attracting retailer Tedi and government-backed occupier AOK. The property is now nearly fully let and income producing as a stabilised, income-generating, food-anchored investment on 10+ year leases.
Wesel is a strategic market town just north of Dusseldorf, along the Rhine River in North Rhine Westphalia.