Rockspring Property Investment Managers announces that it has acquired a retail warehouse in Dortmund on behalf of the Rockspring German Retail Box Fund LP ('GRBF').
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Hornbach Zentrum Dortmund.
Rockspring has completed the purchase of the Hornbach Zentrum from CS Eureal for 36.5 million. The center, which comprises a total of 31,000 m² of retail space is well located on the Bornstrasse, just to the north of the town center.
It is anchored by a 19,000-m² Hornbach DIY store and has a further 12,000 m² of retail space let to tenants including Lidl, Tedox, Rewe, Burger King and a major pet shop. The asset will be managed by Prime Management, Dusseldorf.
This purchase increases the overall assets under management within GRBF to 610 million and follows the acquisitions in Leer, Neuss and Kassel earlier this year.
The acquisition brings Rockspring's assets under management in Germany and Switzerland to over 1.3 billion. Rockspring, on behalf of a number of mandates, continues to seek further retail investments and is also considering a number of office and industrial opportunities in the region.
Stuart Reid, Partner in the Berlin office of Rockspring, commented: "This purchase for GRBF provides an attractive yield in excess of 7%. Acquired at a low capital cost of 1,175 per m², and with high quality tenant covenants and attractive unexpired average lease terms in excess of seven years and rental increases expected in the next 18 months, the asset augments the defensive nature of the fund."
Source: FTI Consulting
It is anchored by a 19,000-m² Hornbach DIY store and has a further 12,000 m² of retail space let to tenants including Lidl, Tedox, Rewe, Burger King and a major pet shop. The asset will be managed by Prime Management, Dusseldorf.
This purchase increases the overall assets under management within GRBF to 610 million and follows the acquisitions in Leer, Neuss and Kassel earlier this year.
The acquisition brings Rockspring's assets under management in Germany and Switzerland to over 1.3 billion. Rockspring, on behalf of a number of mandates, continues to seek further retail investments and is also considering a number of office and industrial opportunities in the region.
Stuart Reid, Partner in the Berlin office of Rockspring, commented: "This purchase for GRBF provides an attractive yield in excess of 7%. Acquired at a low capital cost of 1,175 per m², and with high quality tenant covenants and attractive unexpired average lease terms in excess of seven years and rental increases expected in the next 18 months, the asset augments the defensive nature of the fund."
Source: FTI Consulting
