CORESTATE Capital Group has announced the acquisition of 20 single and well located retail buildings in prime locations in the pedestrian zones of German mid-sized cities such as Bremen, Düren and Flensburg for €125m.
The properties comprise over 56,000 m² and contain a highly diversified mix of locations, assets and well known tenants. Major tenants are, among others, C&A, H&M, REWE and Saturn.
This acquisition follows in line with another round of retail acquisitions by CORESTATE this year of 35 hand-picked retail locations comprising 170,000 m² for a purchase price of €370m.
Sascha Wilhelm, CEO of CORESTATE, said: “This product line represents a stable investment opportunity for our investors who expect a regular distributable cash-flow. Especially in comparison to similar investments within Germanys “Big Seven Cities” we are able to achieve attractive risk-adjusted returns. We see high potential in this market and will continue to pursue this strategy.”
