The retail portfolios include 34 DIY stores let to Praktiker, 15 department stores let to SinnLeffers as well as that company's corporate headquarters. Those properties were bought from Luxembourg based investment companies advised by Curzon Global Partners. The purchase follows on from June this year when aAIM, assisted by DLA Piper, was also involved in the purchase of 3 shopping centres in Germany, Czech Republic and Hungary in €500m of deals. aAIM's European deal tally in the last three months is now in excess of €1.2bn.
Robert Whitton of aAIM commented: "We are delighted with the acquisition of these portfolios, which offer strong long term cash flows underpinned by prime High Street and out of town retail property. Germany is in a period of recovery, ten years of rental decline has ended and created a low base for rents and producing an outstanding property investment opportunity".
Sean Scanlon, DLA Piper's lead UK corporate partner on this deal commented: "aAIM are now starting to play regularly in the wider European market and we have been pleased to be able to leverage our European full service offering to support them as they do so."
Martin Schulte, DLA Piper's lead German corporate partner on this deal commented: "The German macroeconomic backdrop is encouraging astute property investors as the sick man of Europe 'recovers'. After 2.8% growth in 2006, a similar figure is on the cards for this year. We are delighted to assist our client aAIM during this busy time."
Source: DLA Piper