Centerscape is a leading investor, developer, owner and manager of grocery-anchored neighborhood shopping centers, with a presence in every major market in Germany, Poland and the Czech Republic.
Investment: Portfolio with 6 properties
Centerscape acquired a retail portfolio of six neighborhood shopping centers in Bremerhaven, Friedberg (Hessen), Leverkusen, Oer-Erkenschwick, Stadtbergen and Wesel. Anchor tenants are EDEKA, Netto, PENNY and tegut. The portfolio generates an annual rent of almost €2M on over 13,000 sq m rental area. The weighted average remaining lease term is over 8 years.
The largest property, Bremerhaven, consist of a 24-hr active-Discount market and a Lidl market. The active-Discount market, a format by the EDEKA Group, is currently being refurbished by the tenant, which is supported by Centerscape.
The market in Wesel is run by EDEKA Komp and was nominated for the “SUPERMARKET OF THE YEAR 2011” by the magazine Lebensmittelpraxis.
We have not only purchased modern retail properties but also ensured the collaboration with strong retailers. In order to make sure the properties will perform in the long-run, we already start our co-operation with the tenants during the due diligence phase. For Bremerhaven, we identified the tenant’s needs and considered them in our business plan.
The shopping center in Stadtbergen stands out through its excellent location in a densely populated neighbourhood. The PENNY-anchored center is well accessible for pedestrians and cars.
Today, Centerscape has a portfolio volume of €240M and is planning to invest further in grocery-anchored shopping centers. We would like to double our portfolio in this sector. In order to facilitate such growth, our team in Frankfurt focuses on portfolio investments and the office in Nuremberg specialises on development investments (forwad fundings). But we also continue buying existing single properties.