Berlin/London – The shopping-center ‘Holstein Center’ and the adjacent former department store ‘Behrens & Haltermann’ in the heart of the City of Itzehoe (Schleswig-Holstein, Germany) have been acquired by TIMA Shopping Center GmbH, a subsidiary of TIMA Investment GmbH & Co. KG.

Tim Erhardt, Managing Director and shareholder of the TIMA-Group confirms the purchase: „We are delighted at having completed this transaction following long and extensive preparations. The acquisition enables us to expand our portfolio significantly and fits with our plans for the strategic growth of the TIMA-Group. In addition to residential investments we are now active in the retail property sector and well positioned for future expansion of our portfolio.”

The sale of the Holstein Center to Berlin-based TIMA-Group completed in April this year and was brokered by Estama’s investment team acting exclusively on behalf of two sellers. The Holstein Center and adjacent department store comprise 40 retail units, ca. 40,000 sqm lettable area and ca. 600 car parking spaces. Anchor tenants are C&A and Depot together with well-known chains New Yorker and Deichmann and regional retailers.

The new owner is planning an extensive refurbishment and redevelopment of the properties over the coming 24 months to create a new “Holstein Center”. Tim Erhardt says “We are planning significant investment into the properties and will be advised by a team of experts and liaise closely with the City of Itzehoe to develop a new retail concept and timely start of works. We have already negotiated a number of new lettings, showing that the process of redevelopment has begun.”

The Holstein Center was originally built in 1972 and for a long time was the most modern and largest shopping-center in North Germany. Two adjacent residential high rise buildings which were part of the original scheme were sold off separately and are currently owned by ADLER Real Estate AG.

“The Holstein Center in Itzehoe fits perfectly into our group’s portfolio which focusses on residential and retail investments in regions of long-term stable growth in North and East Germany” explains Tim Erhardt.

The properties were purchased by way of an asset deal which completed on 30th March. The buyer was advised legally by Squire Patton und Greenberg Traurig in Berlin whilst the seller was represented by Taylor Wessing, Hamburg.

TIMA’s own property management company Hahn & Schürholz Immobilienmanagement GmbH will take over the property management.