The NUMISMA Funds, managed by Manchester-based McCafferty Asset Management Ltd., recently extended the anchor lease of a 20,000-m² retail park in Weissenfels, near Leipzig, Germany with Kaufland until 2028.
The lease extension was negotiated by McCafferty's partner Voelkel Company Asset Management GmbH & Co KG which is instructed with the asset and facility management of the German NUMISMA properties. As part of the lease extension the property will be fully refurbished to the latest Kaufland design.
Christian Bodtke, Investment Director at McCafferty commenting: "The extension of the anchor lease of the Weissenfels retail park proves the good long term perspective of this location close to Leipzig in East Germany and provides long term security to the investor."
Dirk Voelkel, Managing Director of Voelkel Company adds: "Negotiations with Kaufland have been tough but very professional and we are delighted to strengthen the bond with a key tenant of the NUMISMA portfolio. Currently, we are in discussion about a lease extension at one of the other five units within the portfolio."
NUMISMA also let a 1,650-m² unit in a retail park in Sankt Ingbert, Germany to ProMarkt, the electronics store arm of international retailer REWE Group. The letting was negotiated by Voelkel Company. The property was acquired by NUMISMA in 2007 as part of the Project David portfolio, a 420-million transaction of 34 properties anchored by HELA DIY stores, REWE supermarkets and Kaufland hyper stores.
Earlier this year Burger King opened a new restaurant constructed by NUMISMA on the car park of a Kaufland hypermarket in Merzig, Germany. Construction was completed within three months of signing the 20-year lease. The lease was acquired by Voelkel Company.
Ben Patmore, Asset Management Director at McCafferty commenting: "The lettings to ProMarkt and Burger King prove the great locations of the properties and the great successes our partners at Voelkel Company achieve on the ground. Even though Project David was acquired at the peak of the market it proves a well negotiated investment with values holding strongly and great asset management opportunities."
Source: McCafferty Asset Management Ltd