Landmarken AG sells Neue Höfe Herne
Landmarken AG has sold the award-winning Neue Höfe Herne property to Advenis Germany GmbH. Following the full letting of the former department store, which has been converted into a modern mixed-use property, the transaction is further proof that the Neue Höfe concept works.
Advenis, an experienced real estate portfolio manager, was found as a buyer who focuses on a sustainable and long-term, life cycle-oriented approach.
The urban mixed-use property will be managed by Advenis Germany in the future and incorporated into the open-ended French real estate fund SCPI Eurovalys. The fund invests primarily in office properties in selected locations in German A, B, C, and D cities.
Built in 1961, the former Hertie department store with its listed slatted façade is located on a 5,000 square meter site on Robert-Brauner-Platz in downtown Herne. It had been completely vacant since 2009. In the course of the comprehensive revitalization between 2018 and 2021, a future-oriented and third-party-usable concept was implemented for Herne's new architectural highlight, bringing new foot traffic to the city center of the regional center. To this end, the listed façade was restored and the concrete ceilings were extensively renovated. To bring light into the building, numerous new window openings were added and two light wells were cut into the roof, giving the project its name.
The concept, which honors the listed building and allows it to shine in new splendor today, has won several awards. At the polis Convention, the trade fair for urban and project development in Düsseldorf, the Neue Höfe Herne 2021 was awarded the silver polis Award. In the same year, it also won the silver FIABCI Prix d'Excellence as one of the best commercial project developments in Germany and was nominated for the immobilienmanager Award as the best existing development.
Following the revitalization of the old warehouse, seven companies have established around 500 jobs on approximately 14,000 square meters of space in the "Neue Höfe Herne." The project is a symbol of change and the future of Herne. "This transaction proves that we were absolutely right to be fully convinced of the project and the location," says Thomas Binsfeld, member of Landmarken's management board. "We wanted to make a lasting contribution to the revitalization of Herne's city center and thus have an impact on the entire urban community. We have succeeded in doing so. The Neue Höfe are a real boost for Herne."
Eva Welzenbach, Managing Director of ADVENIS Germany, says: "We are proud that we were able to prevail in this off-market deal and acquire Neue Höfe Herne for our clients. Properties like this rarely come onto the market. We are therefore delighted to be adding a real trophy property to the Eurovalys portfolio, which once again allows us to fully implement our acquisition strategy."
Henrik Scholz, member of the management board of Landmarken AG, says: "We develop highly attractive products for the capital market that create added value both economically and socially. Neue Höfe Herne, which represents an upgrade for the entire city of Herne, is one of the best examples of this approach. We are delighted to have found a buyer in ADVENIS that pursues long-term investment goals and thus operates in a similarly sustainable manner to Landmarken."
