Wednesday, 18 February 2026
INVESTIKA Real Estate Fund is entering the German property market through the planned acquisition of an 89.9 percent stake in the Höfe am Brühl shopping centre in Leipzig. The agreement has been signed as a joint venture with Unibail-Rodamco-Westfield Germany, which will retain a minority shareholding and continue to provide both asset and property management services. The closing of the transaction is expected in the first half of 2026.
The move represents the fund’s sixth market entry in Europe and broadens its geographic footprint while strengthening its retail segment. Following completion, the fund is expected to hold 65 assets across several countries, further diversifying its portfolio by both location and asset class. The share of retail properties within the portfolio will increase accordingly.
“The acquisition of Höfe am Brühl will strengthen our strategic objective to increase the Fund’s exposure to high-quality retail assets. It is a robust and established asset in one of Germany’s fastest-growing regional markets. The joint-venture with Unibail-Rodamco-Westfield, the recognised specialist in shopping-centre management, provides us with strong operational continuity and expertise,” comments Jaroslav Kysela, Member of the Board of Directors at INVESTIKA Investment Company, which manages INVESTIKA Real Estate Fund.
Unibail-Rodamco-Westfield confirmed that it views the partnership as aligned with its current asset strategy in Germany. “We are pleased to announce the sale of a major stake of Höfe am Brühl in Leipzig to Investika. We are looking forward to this partnership and the promising future of the centre. This step is closely in line with our previously communicated strategic focus on our core owned assets in Germany,” says Martin Makovec, Managing Director, M&A, Unibail-Rodamco-Westfield Central Europe.
Höfe am Brühl is located between Leipzig’s main railway station and the city’s primary shopping street and serves a catchment area of approximately 800,000 residents. The centre comprises around 50,500 square metres of retail space across approximately 130 units, with anchor tenants including Bershka, Pull&Bear, Müller, Media Markt, H&M and Lidl. In addition to retail, the complex includes roughly 4,900 square metres of office space, 31 residential apartments and 820 parking spaces. The asset holds both DGNB Platinum and BREEAM Excellent sustainability certifications.
Environmental performance forms a central element of the investment rationale. The property operates on 100 percent renewable electricity, uses LED lighting and incorporates energy-efficient systems, while electric-vehicle charging points are available in the parking facilities. Many tenants have also signed green lease agreements, aligning with INVESTIKA’s long-term focus on sustainable assets designed to deliver stable returns.
Explaining the strategic motivation behind the German expansion, Kysela notes that market conditions and diversification goals played a decisive role. “INVESTIKA Real Estate Fund is one of few Czech investors that is entering the German real estate market. Driven by our diversification strategy and the pursuit of optimal transaction conditions, we are expanding into Germany, one of Europe’s most mature markets. Despite its overall stability, a recent price correction in the commercial sector presents a strategic opportunity, making this acquisition a logical fit for a high-quality, diversified portfolio,” he comments. He adds that partnering with established local operators reduces risk exposure and opens access to financing relationships with major German banks. “Our German market entry in joint-venture with experienced partners minimises our exposition towards risk. It is our favourite way of cooperation proven in our previous acquisitions, which we wish to continue. Last but not least, our German market entry enables us to cooperate with prestigious German banks.”
INVESTIKA Real Estate Fund was advised on the transaction by Dentons, Ernst & Young, Drees & Sommer and Knight Frank, while Unibail-Rodamco-Westfield Germany was represented by Norton Rose Fulbright.
