Corestate Capital Group has acquired 31 high-street retail properties in 30 German mid-sized cities. These cities, which have an average population of 90,000, include Duisburg, Limburg, Mönchengladbach or Schwerin. The acquisition cost for the portfolio is €115m.
The portfolio has an aggregate lettable area of 63,400m². Among the anchor tenants of the high-street assets are fashion chains H&M, C&A and New Yorker; department store Woolworth; optician brand Fielmann; as well as drugstore chains dm and Rossmann. The portfolio’s vacancy rate is 5%.
Thomas Landschreiber, CIO of Corestate Capital Group: "Pedestrian areas represent the heart of many German mid-sized cities. Strong retail brands such as H&M, dm and Fielmann are well established in these top locations. Our high-street investment strategy focuses on acquiring and managing a large number of well diversified top retail assets."
