TLG IMMOBILIEN acquires central neighborhood shopping center for €28.2 mln (DE)

TLG IMMOBILIEN AG last week signed the purchase agreement for the Südstadt-Center property in Rostock. TLG IMMOBILIEN is investing approx. €28.2 mln in the acquisition from a private owner. With approx. 17,500 m² in lettable space, the established neighborhood shopping center generates an annual net rent of approx. €2.4 mln. The vacancy rate is currently 4.8%. The property is located central along the Südring thoroughfare in Rostock and serves the immediately surrounding residential areas as a local center for daily food retailing.
In addition, the neighborhood includes several university facilities, the civic center and the central bus station. The property was built in 1993 and expanded in 1997. In addition to the retail space, the upper level offers office space and doctors' surgeries. Anchor retail tenants include Rewe, Penny and Rossmann, and the primary office tenant is the Federal Office for Real Estate Management (Bundesanstalt für Immobilienaufgaben).
The current remaining term of the lease agreements (WALT) is approx. 4.5 years. The property also offers a large number of parking spaces.

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