06/07/2021 | Press release | Distributed by Public on 06/07/2021 04:50
Commerz Real has sold the commercial building Seltersweg 83-85 in Gießen to the local project developer and property owner Faber & Schnepp.
The latter plans to convert the building, which dates back to 2006 and has more than 4,100 m² of lettable space, into a residential and commercial building. A food market and a market hall are to be built on the ground floor, formerly used by the shoe retailer CCC and the fashion retailer The Sting. Above that, a municipal kindergarten and six to eight condominiums are planned. Faber & Schnepp wants to keep the commercial part in its own portfolio, and the conversion is to be completed by mid-2023.
The building, which was only 20% let since CCC's insolvency, had been in the portfolio of Commerz Real's open-ended real estate fund Hausinvest since 2019, for which Catella Property Consultants acted as advisor.
Christian Rosen, Head of Investment Munich, Catella Property Consultants: 'The revitalisation of previously flawless retail properties in prime locations requires creative approaches, a constructive environment and close cooperation between the players involved. The example of Gießen shows how it can also work successfully in other locations. Many thanks to all those involved!'
For more information please contact:
Marketing & PR Manager
Catella Property Consultants GmbH
T +49 30 310193 217