GSK Stockmann advised Frankfurt-based DIC Asset AG (“DIC”) on letting the inner-city property in Leverkusen currently occupied by Kaufhof to TEH Textilhandel GmbH from Dortmund.
Acquired by DIC in 2007, the property has a total lettable area of around 20,400 sqm, including a retail area of around 13,000 sqm and 7,400 sqm of office and storage space. After Kaufhof closes at the end of June 2023, the department store will be directly re-let to the fashion house aachener and is scheduled to reopen as early as September. Aachener’s founder Friedrich-Wilhelm Göbel plans to take over up to 25 former Galeria locations and has already rented several properties in Germany.
DIC is one of Germany’s leading listed specialists for office and logistics properties with 25 years of experience on the real estate market and access to a broad-based network of investors. Its business is based on a regional and inter-regional real estate platform with nine offices on the ground in all major German markets. The company currently manages 360 properties with a combined market value of approx. 14.7 billion euros.
A GSK Stockmann team led by Frankfurt real estate partner Maritheres Palichleb provided comprehensive advice to DIC on letting the property to TEH Textilhandel GmbH.
Advisers of DIC Asset AG:
GSK Stockmann: Maritheres Palichleb (lead, real estate transactions and legal asset management), Mouna Sonnemann (real estate transactions and legal asset management)