The owner-managed Dr. Peters Group has announced two pieces of news regarding the closed-end local retail fund “Immobilienportfolio Deutschland I” (IPD1). The fund management has succeeded in agreeing an early four-year extension to the lease with the non-food discounter TEDi for the fund’s property in Bestwig (North Rhine-Westphalia). In addition, anchor tenant LIDL has announced extensive investments in its premises at the Thedinghausen local retail centre (Lower Saxony). Both tenants are thus demonstrating a strong commitment to their respective locations.
The Dr. Peters Group acquired the local shopping centre in Bestwig in 2021 as the first property for the IPD1. The centre has 4,438 m² of lettable space, spans three buildings and is occupied by four tenants. In addition to the anchor tenant, REWE, these include the retail chain Centershop, the clothing discounter KiK and TEDi.
TEDi previously had an eight-year lease for its 700 m² of let space, running until 2028. Following the early agreement to extend the lease, this will now be extended to at least twelve years, running until 2032. This means that all four fund properties in Bestwig, Peine (Lower Saxony), Thedinghausen and Wietzendorf (Lower Saxony) remain fully let.
Identifying challenges at an early stage and achieving the best possible value growth
“We see the early renewal of the tenancy agreement with TEDi as a success for our active asset management,” says Fabian Schultheis, Managing Director of Property at Dr. Peters. “Here at the Dr. Peters Group, we don’t wait until there are problems or a tenancy agreement is due to expire before speaking to our tenants. Rather, it is part of our ethos to maintain a constant, collaborative dialogue with the occupants of our properties. This enables us to identify potential challenges at an early stage, manage our properties successfully in the long term and achieve the best possible return on investment for our investors.”
At the local shopping centre in Thedinghausen, anchor tenant LIDL is continuing to invest in its premises. The discount supermarket is installing a heat pump which, in addition to providing heating and cooling for the retail areas, will also regulate the temperature in the warehouse
and ancillary rooms. These investments in an environmentally sustainable heating and cooling system demonstrate the discounter’s strong commitment to the Thedinghausen site. LIDL has been the main tenant of the local shopping centre in Thedinghausen since the property, comprising 2,032 m² of lettable space, was built in 2004.
Early lease extensions also secured for the follow-on fund IPD2
Most recently, the Dr Peters Group also achieved success in asset management with the follow-on fund “Immobilienportfolio Deutschland II” (IPD2). REWE, the anchor tenant at the local retail centre in Beckum (North Rhine-Westphalia) owned by the fund, extended its lease ahead of schedule by at least twelve years.
In the second property in the fund portfolio, a local retail centre in Rathenow (Brandenburg), Kranepuhl’s Optimale Möbelmärkte expanded its retail space by 362 m² to 1,570 m². As a result, the property in Rathenow is now also fully let.
