HIH Invest acquires mixed-use property in Landau, Rhineland-Palatinate, from Schroder Real Estate KVG
HIH Invest has acquired the mixed-use property Maxi34 at Maximilianstraße 32, 34 in Landau in der Pfalz for a special real estate fund. The seller is Schroder Real Estate KVG. The purchase price was not disclosed. The building was built in 1998 and added two storeys in 2021 as part of a modernisation. The total lettable area is 3,979 square metres. The property is fully let on a long-term basis. The ground floor has 2,079 square meters of rental space as well as 180 outdoor parking spaces rented by Aldi Süd. The two upper floors with a total of 1,900 square meters of rental space are rented by the Studierendenwerk Vorderpfalz (AöR). The Studierendenwerk operates a dormitory with 34 apartments on the site, including single, double and triple apartments as well as barrier-free and parent-child apartments. A total of 65 dormitory places are available to students.
"With the purchase of Maxi34, we were able to secure an attractive mixed-use asset for our investors," says Henriette Benassi, Head of Transaction Management Social & Healthcare at HIH Invest. "The property offers good potential in the field of ESG, so the installation of a photovoltaic system on the roof is feasible in the future. Other options such as LED conversion, the installation of smart meters, the design of a green roof or the use of waste heat are also available to further strengthen the sustainability and future viability of the property." The sales areas on the ground floor are currently heated with gas, the student apartments both with gas and by means of a heat pump. According to municipal heat planning, a switch to district heating is possible from 2030. There are already two outdoor parking spaces equipped with electric charging stations.
"The transaction shows that high-quality mixed-use properties with resilient cash flows continue to be in demand in the market, even under challenging macroeconomic conditions," said Nils Heetmeyer, Managing Director of Schroders Real Estate.
The municipality of Landau in the Palatinate has around 49,000 inhabitants and is forecast to grow by four percent by 2040. More than 7,500 of the inhabitants are students, which accounts for more than 15 percent of the total population. Maxi34 is centrally located on Maximilianstraße. The university campus is 1.5 kilometers away and can be reached in five minutes by bike. The Aldi discounter has been represented at the location for over 20 years and benefits from the geographical proximity to Kaufland and Lidl and the strong bundling of local supply expertise in the village.
Heuking Kühn Lüer Wojtek was responsible for the legal and tax acquisition review, while CASE Real Estate was responsible for the technical and ESG due diligence. Schroder Real Estate KVG was advised on the sale process by BNP Paribas Real Estate and legally by DLA Piper.
