Bauwert Investment Group has sold the new Peek & Cloppenburg fashion store in Kassel to Warburg - Henderson Kapitalgesellschaft für Immobilien, a Hamburg-based real estate investment company. Financial details were not disclosed.

Designed by the Roller architectural firm, the building’s completion is slated for fall 2011. 'The early sale of this project on Königsplatz underlines the fact that the demand among institutional investors for high-end retail properties in prime locations is higher than ever,' said Bauwert spokesman Henning Hausmann.

The gross retail space of 7,300 m2 will be solely used by the high-street apparel chain Peek & Cloppenburg.

Hamburgische Immobilien Handlung (HIH) facilitated the transaction on the buyer side.

Bauwert Investment Group is one of Germany’s leading project developers. Headed by Jürgen Leibfried and Michael Staudinger, the company develops retail real estate in prime locations in major and medium-sized German cities, as well as high-end and exclusive apartments.