CBRE Global Investors has acquired the StadtCenter Düren shopping center in North Rhine-Westphalia, Germany for €57 million reflecting an initial yield of 6.1%. The vendor is Schroder Property on behalf of the listed European Real Estate Investment Trust Limited (EREIT).
The center has a GLA of 17,662 m² with 54 retail units let to a range of high-quality retailers and anchors include H&M, Olymp & Hades, Drogerie Markt, Deichman and NewYorker. There are also 314 car parking spaces on the roof of the property which provide direct access to the retail concourse. The center is located in the city center and is highly visible with good access by car, public transport and from a nearby pedestrian area.
The acquisition of the shopping center increases the CBRE European Shopping Centre Fund’s assets under management to €400 million and will add further strength to the portfolio through a low risk, stable asset as well as providing additional exposure to the economically resilient German market.
Florencio Beccar, Fund Manager of ESCF, CBRE Global Investors said: “This acquisition is the fifth made by the fund and second in Germany increasing its exposure to this comparatively strong economy to c.30%. We have purchased a core, incoming producing asset at an attractive price. The asset benefits from its city center location and provides rental growth opportunities based on its solid tenant performance.”
The center has an established track record and meets most of our strategic investment criteria which makes this an excellent addition to our portfolio. It will support the performance of the fund and meet the requirements of our investors.”
Source: CBRE Global Investors