TLG IMMOBILIEN AG signed a purchase agreement for a speciality retail center located in Berlin, Adlershof (Treptow Köpenick district). The purchase price is €30.825 million. The center was purchased from a special purpose entity of Waypoint Real Estate GmbH (WPRE).
The transaction has been attended by Savills, a leading global real estate service provider. TLG IMMOBILIEN plans to transfer the property, which was built in 2005/2006, to its portfolio as at 31 January 2015.
The speciality retail center is located at Adlergestell 296, 299, 305, a key artery connecting Alexanderplatz to the new BBI Airport in the southeast.
The property has a total lettable space of approximately 33,450 m² and is fully let. The weighted average lease term (WALT) is approximately six years. Net rent for the year excluding utilities amounts to approximately €3.03 million.
The anchor tenants are the DIY chain OBI and the Poco Domäne furniture store chain. The property also has 542 parking spaces. The grocery store chains ALDI and LIDL have stores directly adjacent to the speciality retail center.
The property was initially purchased by the seller after construction and has been managed entirely by WPRE since 2013. WPRE initiated and successfully transacted the sale.
"This acquisition represents an attractive and profitable addition to our retail property portfolio and further bolsters the growth forecast of our IPO", said Niclas Karoff, Member of
TLG IMMOBILIEN's Management Board, adding, "in addition to the tenant structure, the property's prime location along one of Berlin's key arteries in and out of the city was also a primary reason driving the acquisition." In addition to three high quality office properties in Berlin and Leipzig, this property marks TLG IMMOBILIEN's fourth acquisition in 2014.
Source: TLG Immobilien