CGREAG Divests Retail Park in Leipzig's Plagwitzer Höfe

CGREAG, a publicly listed real estate firm, has sold a retail park in Leipzig's Plagwitzer Höfe quarter to REWE Group. This development, part of the urban expansion since 2007, includes both new constructions and renovated historic buildings. The sale, featuring a food retail market established in 2016, accounts for 20% of CGREAG's rental space in the district.

The divested property includes various retail units and a hardware store. Proceeds will address loan repayments, bolstering liquidity amid the current dynamic market. Jürgen Kutz from CGREAG highlights the sale's alignment with the company's strategic realignment focusing on completing projects and appealing to institutional investors.

REWE Group, present in the area since 2016, reinforces its commitment to the locale with this acquisition. Details of the purchase price remain undisclosed. Legal and tax advisories were provided by Michael Schmidt, Antje Dominiak, and Richard Preuß.