DGAP-News Deutsche Konsum REIT acquires five retail properties for around EUR 14 million
DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Acquisition/Real Estate
Deutsche Konsum REIT acquires five retail properties for around EUR 14 million
Broderstorf, 12 November 2020 - Deutsche Konsum REIT-AG ("DKR") (ISIN DE000A14KRD3) has acquired five further retail properties.
The acquisitions include the "Feldbergcenter" local retail centre in Neu-Anspach (Hesse) with a total rental area of around 5,733 m² and the anchor tenants REWE and Rossmann, as well as a fitness center and other supply and service providers. The average remaining lease term is more than three years.
Furthermore, a local retail centre in Mölln (Schleswig-Holstein) with a total rental area of around 5,126 m² was acquired. The main retail tenants include Norma, a beverage store and a pharmacy. The upper floors contain numerous medical practices as well as office and residential space. The current average remaining lease term is around three years.
The purchase portfolio also includes a local retail centre and two discount grocery stores, which currently have an average remaining lease term of between three and six years:
- Local retail centre in Freital (Saxony) with around 1,700m² of rental space. Major tenants are Pfennigpfeiffer and Fressnapf as well as a beverage trade. The fully let acquisition property is part of a profitable agglomeration with surrounding grocery stores.
- Grocery discounter Diska (EDEKA) in Blankenstein (Thuringia) with a total rental area of 1,285 m². A part of the property is used as storage space.
- Food retailer Netto Marken-Discount in Wrestedt (Lower Saxony). The property has a total rental area of around 1,087 m². The property's parking spaces are directly connected to the adjacent EDEKA supermarket.
The total purchase volume for all properties amounts to around EUR 14 million with a total annual rent of EUR 1.25 million, resulting in a purchase yield of around 9%.
Thus, the total portfolio (pro forma) currently comprises 170 properties with a total rental area of around 950,000 m² and a balance sheet value of around EUR 850 million. The portfolio currently generates an annual rent of around EUR 66 million.