Invista European Real Estate Trust SICAF has agreed two major lease extensions on assets in Germany that account for 7.9% of the company's total rent roll.
The lease to DPI, a single tenant occupying a 53,895-m² logistics unit in Lutterberg, was extended to April 2017, underlining the strategic importance of the location for the occupier, DHL.
The anchor tenant at the Riesapark Shopping Centre, real SB-Warenhaus GmbH, occupying 8,887 m² and accounting for more than 25% of the center's total rent, extended its lease to August 2024.
Following these lettings the weighted average lease length to expiry improved from 5.92 years to 6.22 years on the company's entire portfolio.
Tony Smedley, Head of Continental European Funds at Invista Real Estate Investment Management, commented: "The extension of these important leases has substantially enhanced income security across IERET's portfolio and in particular its core German holdings. Securing long leases with a large single occupier and a key anchor tenant in two of IERET's largest assets once again demonstrates Invista's capability to proactively manage the company's assets."