Investment: Large retail property portfolio in southern Germany

NEWS

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: Large retail property portfolio in southern Germany

Centerscape acquired a portfolio of six neighborhood retail stores in strong economic regions in Southern Germany with a total investment volume in excess of €20m.

The neighborhood shopping centers comprise over 14,000 sqm of rental space and benefit from an average remaining lease term of more than 8 years. The properties are all located in strong economic regions of Bavaria, Baden-Wuerttemberg and Hesse, in the cities of Markt-Indersdorf (district of Dachau), Neutraubling (district of Regensburg), Buehl and Offenburg (close to the French border), Stuttgart, and Weiterstadt (greater Frankfurt).
All properties are fully occupied and the anchor tenants are some of Germany’s biggest grocery chains EDEKA, Netto, PENNY and NORMA. The additional tenants include leading retail companies in the non-food sector, such as the textile company AWG, KiK or Deichmann Schuhe.

Currently Centerscape owns 66 properties with a total volume of over €260m. Further property purchases and development projects will increase the total portfolio to €300m by year end 2012.
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