London, 11 September 2019 – Henderson Park (the ‘Company’), the pan-European private equity real  estate platform, announces that it has acquired Rathaus Galerie, a shopping centre located in the city  centre of Essen, Germany. The transaction is being undertaken in joint venture with HBB, a leading  German real estate developer and operator who will manage the asset, with Henderson Park as the  majority partner. 

Rathaus Galerie is a 31,000 sqm freehold shopping centre in a prime location in the centre of Essen.  The asset acts as the main entry point for Essen’s city hall and sits directly above Rathaus Essen Station,  the city’s central transport hub, providing access to six metro and tram lines, as well as 13 bus lines, with 40,000 passengers passing through on a daily basis. The prominent building, which forms a bridge across the eastern city ring road, also has generous parking provisions to complement the centre’s strong connectivity. 

The shopping centre has been acquired c. 80% let, with anchor tenants including national hypermarket  Real and global sports retailer Decathlon. With a 40 year track record of trading and footfall of over  10 million visitors per annum, the Rathaus Galerie presents exceptional repositioning potential  following a targeted investment programme to maximise its value, resilience and consumer appeal.  The joint venture’s turnaround strategy includes a comprehensive refurbishment, improving the  tenant mix to concentrate on convenience retail which best caters to the asset’s high number of local  workers and commuters, as well as an enhanced F&B and leisure component.  

Essen is Germany’s ninth largest city and home to many of its largest corporations. The city has strong  demographic fundamentals and is a thriving student destination, with a growing population projected  to increase by 3.4% by 2030. The Rathaus Galerie is located in a densely populated catchment area of  North Rhine-Westphalia, with 11 million people within one hour’s drive.  

This transaction represents the second investment by Henderson Park in Germany and its first  shopping centre acquisition, facilitated through the establishment of its new joint venture with HBB.  The platform established by this joint venture creates a framework with the potential to expand further into the German real estate market, which continues to attract some of Europe’s strongest  investment flows.

Nick Weber, Founding Partner of Henderson Park, commented: “This transaction increases our  exposure to the highly attractive German market through the acquisition of a proven retail asset at a competitive price point alongside our experienced local partner, HBB. The decision to make our first  shopping centre acquisition was driven by the Rathaus Galerie’s dominant status and the latent value  we believe can be captured; we intend to implement an asset management strategy that focuses on  the introduction of retail and leisure amenities that are most appropriate for the local demographic and which capitalise on the centre’s strong location and surrounding infrastructure. We look forward  to building on our new partnership with HBB and exploring further attractive opportunities in  Germany that best leverage both parties’ expertise.”  

Harald Ortner, Managing Director of HBB, commented: "Rathaus Galerie Essen offers a unique  location in one of Essen’s busiest hubs. This "natural" footfall presents a great opportunity to create  sustainable value for our new joint venture with Henderson Park and to capitalize on our strengths as  a developer. We look forward to this promising collaboration with the entire Henderson Park team  and to further joint investment in Germany.” 

The joint venture was advised on this transaction by ZENK Rechtsanwälte, Drees & Sommer, Eversheds  and Ashurst. 


FTI Consulting, for Henderson Park
+44 (0)20 3727
1000 Richard Sunderland / Ellie Sweeney / Catriona Flint 

+49 (40) 60 09 07 110
Harald Ortner 

About Henderson Park 

Henderson Park is a pan-European private equity real estate manager based in London. It has invested circa  $6 billion in building a portfolio of real estate assets across Europe, primarily targeting Europe’s gateway  and capital cities. It seeks high-quality assets in prime locations where it can identify potential to unlock or  create value through asset management, or by taking on and working through complex situations.  Henderson Park strives to work with and create long-term strategic relationships with best in class local  operating partners. Henderson Park is led by Nick Weber, its Founding Partner and CEO. 

About HBB 

The Hamburg-based HBB Group has been active as an investor and developer in the German real estate  industry for almost 50 years. Retail, office, hotel, senior and residential properties have been developed  and managed by HBB throughout Germany. HBB sees itself as a specialized investor with the goal of creating  long-term sustainable values. HBB is an owner-managed company with a well-trained team of around 80  employees, covering all aspects from development to center management.

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