Altenkunstadt / Borken: LAHAV acquires two retail parks in a share deal

As part of a share deal, the Israeli family office LAHAV has acquired a majority stake in two retail parks in Altenkunstadt (Bavaria) and Borken (North Rhine-Westphalia). The remaining stake remains in the possession of DRIA GmbH. LAHAV intends to develop the properties together with DRIA GmbH and hold them in its portfolio for the long term.

The retail park in Altenkunstadt has a rental area of around 2,507 m² and is leased to the special items store Jawoll, NKD, and a textile service provider. In Borken, the retail park will have an area of approximately 7,700 m² and is currently leased to Aldi, Jysk, and a regional furniture retailer.

In the run-up to the sale, DRIA GmbH’s asset management team has already initiated the restructuring of the retail park in Borken, with the new joint venture between LAHAV and DRIA set to implement the measures in a timely manner under DRIA’s coordination. In addition to the expansion and modernization of ALDI, a tedox and a Fressnapf specialty store will be relocated to the site, replacing the existing regional furniture retailer. JYSK, the second existing tenant, will also offer its goods in a larger and modernized space in the future. The parties have agreed not to disclose the purchase price.

Buyer: LAHAV, Mönchengladbach