Rockspring completes acquisition of Das Es! shopping center in Esslingen (DE)

Rockspring Property Investment Managers LLP announces that it has made its latest investment in Germany on behalf of a segregated mandate. The discretionary fund has purchased Das Es!, the dominant downtown shopping center on the pedestrianized zone of Esslingen to the south east of Stuttgart, from SEB Asset Management for €69 million, reflecting a gross initial yield of 6.8%.

Das Es!

Das Es! shopping center in Esslingen.

Rockspring has already identified a variety of value enhancement asset management angles for the center, which occupies the prime pitch to the front of the railway and bus stations on the pedestrianized zone, and aims to capitalize on the increasing appetite shown from multi-national retailers wanting to gain exposure to this wealthy market town.

Das Es! opened in 2002 and comprises a total of 23,000 m² GLA. The center is anchored by H&M, Saturn electronics and C&A, and provides 322 basement car parking spaces as well as ancillary office and medical center accommodation above. With a total of just under 13,500 m² GLA retail accommodation over 22 units, the center benefits from a very impressive footfall, with over 6 million visitors recorded in 2010.

Stuart Reid, Head of Rockspring's German operations, commented: "The current market offers a number of interesting investment opportunities in Germany as foreign investors, banks and open ended funds seek to restructure their portfolios."

Source: FD

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