HAMBORNER REIT AG acquires the Hornschuch-Center in Fürth for €31 mln (DE)

Shortly after completing its capital increase, HAMBORNER REIT AG has signed a purchase agreement for a retail centre worth around €31 million. The company has thus very quickly begun investing the proceeds generated from its capital increase at the start of July of around €101.7 mln in a high-yield retail property in line with its strategy.
The property being acquired is the "Hornschuch-Center", a modern retail centre with around 12,000 m² of rental area in an excellent city centre location. The former Marktkauf property was built in 1990 and comprehensively renovated and converted into a retail centre in 2014/2015. The centre opened in March 2015. The main tenant with around 4,000 m² and a 17-year lease is EDEKA. In addition, there are also Schuh Mücke, Rossmann, Norma and other smaller tenants in the property. The average remaining term of all leases is 12.5 years, the gross initial yield is 6.1%.
The centre is being sold by a property company from Memmingen, Costa Real Estate GmbH provided brokerage services.
Source: HAMBORNER REIT AG