The existing real estate portfolio of Centerscape is growing by another six properties. Centerscape acquired a portfolio with a total investment volume of over 20 million from the international investor The Miller Group.
All properties are fully occupied and the anchor tenants are some of Germany's biggest grocery chains.
The neighborhood shopping centers, supermarkets and grocery stores comprise 14,000 m² of rental space and benefit from an average remaining lease term of more than eight years. The properties are all located the strong economic regions of Bavaria, Baden-Wuerttemberg and Hesse.
The properties are located in 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. Berlin Hyp / Landesbank Berlin AG provided the debt financing for the transaction.
Currently Centerscape owns 66 properties with a total volume of over 260 million. Further property purchases and development projects will increase the total portfolio to 300 million by year end 2012.