CORESTATE, a specialized real estate investor based in Zug, Switzerland, announces the €370 mln acquisition of 35 handpicked and well located retail buildings in prime locations in pedestrian zones of German mid-sized cities.
The portfolio comprises more than 170,000 m2 and contains a diversified mix of locations, assets and well known tenants. Major tenants are inter alia C&A, Deutsche Bank, Fielmann, Gerry Weber, H&M, Peek & Cloppenburg, REWE and Saturn.
"The appetite for higher risk adjusted returns in secondary cities is definitely growing. We notice that large players are currently looking into this segment. Higher returns based on top covenants are very rare in today's market environment. We see high potential in this market and will continue to pursue this strategy," says Tobias Gollnest, Executive Director Commercial Real Estate of CORESTATE Capital.
Source: CORESTATE Capital