Dawnay, Day Treveria PLC has agreed to acquire two retail property portfolios for an aggregate consideration of €214 million, increasing the total property assets of the company owned or notarised to around €1.7 billion. These acquisitions formed part of the €451 million in solicitors' hands referred to in the recent announcement of Treveria's interim results.
The acquisitions comprise 47 properties, including two large shopping centres, located in various towns across Germany including Lübeck, Mönchengladbach, Solingen, Wilhelmshaven and Bochum. Major tenants include H&M, Rewe, Media Markt and Deichmann.
In aggregate, the gross current yield and net initial yield of the acquisitions announced today is 7.6% and 6.5% respectively.
Ian Henderson, Chairman of Treveria said: "These acquisitions are strong additions to our portfolio. The Asset Manager now employs over 50 people in its German property management office who are not only increasing the value of the existing portfolio but are also becoming a principal source for acquisitions. Looking ahead, we are well positioned, with a strong pipeline and we are confident of building a €2.3 billion portfolio within the timescale set."
Source: Dawnay, Day Treveria PLC