VIB Vermögen AG, a company specializing in commercial real estate portfolio management, continues to expand its real estate portfolio as the new year gets underway. The company has acquired a large shopping center in Bischberg-Trosdorf near Bamberg entailing an investment volume of €22.2 million. Its 15 tenants on a rentable space totaling 13,770 m² include highly credit-rated partners like Kaufland, Schuh Mücke, Rofu Kinderland and Takko, among others.
This retail property was constructed in 2012, and generates an annual 7.4 % rental yield. Rental contracts of between five and 15 years have been signed with these tenants, whereby the contracts of the two tenants renting the largest spaces carry durations of 11 and 15 years respectively. The purchase of this property is being financed with some of the proceeds from the mandatory convertible bond issued in November and a loan.
"We are strengthening our retail portfolio with the acquisition of this shopping center. Our overall portfolio focusing on the logistics and retail growth-sectors now comprises a total of 99 high-quality properties with a total rentable space of around 907,000 m² and annualized net rental income of approximately €60.6 million," commented Ludwig Schlosser, CEO of VIB Vermögen AG.
The prolongation of the rental contract in the case of an industrial property in Neuburg/Danube also underscores the real estate portfolio's high asset-quality and the investment strategy's sustainability. "We are proud that our first tenant from 1994, which today operates under the name of Faurecia Autositze GmbH, has now extended its rental contract by a further ten years. This is proof of the confiding and reliable relationship with our tenants," as Ludwig Schlosser added.
Source: VIB Vermögen AG