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31.03.2015

GSK advises Art-Invest on a Joint-Venture regarding the modernisation of the Wöhrl-Shopping Center located in Fürth

Art-Invest Real Estate and Erwe Real Estate (formerly Redos, DIC) plan to modernise a shopping arcade located at the Fürther Freiheit, which hosts fashion retailer Wöhrl as one of the anchor tenants. GSK Stockmann + Kollegen advise Art-Invest Real Estate on the joint-venture and the project company on the extensive refurbishment of the property.

The renovation of the property with a rental space of 15,000 sqm shall commence in a few months during ongoing operation. The renovation works are intended to be completed in autumn 2016. According to Art-Invest the overall investment costs for the acquisition and modernisation of the building including the renovation of its façade amount to Euro 40 million.

Art-Invest and Erwe acquired the property from Fortress in 2013. In 2014 the fashion store Wöhrl, tenant of approx. 5,000 sqm retail space, prolonged its lease agreement for another term of 15 years. Cosmetics chain Douglas will also remain in the building; further small retailers are expected to follow.

GSK Stockmann + Kollegen advised Art-Invest on the structuring and realisation of the joint-venture. Presently GSK Stockmann + Kollegen advises the project company on the entire legal documentation and financing of the project (property, lease agreement, etc.).

Adviser Art-Invest Real Estate:
GSK STOCKMANN + KOLLEGEN: Dr. Dirk Brückner (Lead, Real Estate), Robert Kramer (Supervision, KAGB), Dr. Alma Franke (Finance), Dr. Marcel Vietor (Corporate), Christine Pagel (Real Estate).

The deal news is available as download.

Contact at GSK Stockmann + Kollegen:
Dr. Dirk Brückner