TLG IMMOBILIEN acquires Burgwall neighbourhood shopping centre (DE)

TLG IMMOBILIEN AG signs the purchase agreement for the "Burgwall" shopping centre in Wismar. The property was sold by a fund managed by TH Real Estate. TH Real Estate was advised by DTZ, and the deal was brokered on the buy side by Hafenmakler Hamburg Adolf Zelle. The total investment amounts to €18.6 mln.
The shopping centre, completed in 1993, is located on an easily accessible main thoroughfare leading into Wismar's old town. The harbour and historic old town are within walking distance.
The shopping centre offers approx. 11,700 m² of lettable space, 98% of which has been let, and generates annual rental income of approx. €1.5 mln. The remaining average lease term (WALT) is 5.4 years, though several major anchor tenants recently renewed their leases for extended terms. The primary tenants are Rewe, Norma, Deichmann and Rossmann. Furthermore, there are 224 parking spaces on the property.
Wismar is located on the Baltic Sea and is the sixth-largest city in Mecklenburg-Western Pomerania. It was added to the UNESCO World Heritage List in 2002.
Source: TLG IMMOBILIEN