HIH Invest Real Estate has sold the landmark Kortumhaus mixed-use office and retail building in Bochum, North Western Germany, to wohninvest Holding.
Kortumhaus is in the high-street pedestrian precinct at Kortumstrasse 72. It has a lettable area of 17,511 square metres and was in the portfolio of a closed-end institutional fund.
The vintage landmark retail building dates from 1921 and was originally a department store. Having sustained heavy damage during World War II, it was restored and underwent several structural alterations, refurbishments, and also upgrades, most recently in 2018.
Jens Nagelsmeier, Head of Transaction Management Retail & Healthcare at HIH Invest, says, “In architectonic terms, Kortumhaus is among the most significant historic department stores anywhere. Executed in compliance with the listed building consent, the structural alteration and refurbishment measures won several awards, including the 2003 Federal Award for Monument Conservation and the Preservation of Historic Buildings.
“We are glad about the opportunity to sell the asset at this time, having generated a sound annual overall performance throughout the holding period.”
CBRE brokered the property deal on behalf of HIH Invest.
