TLG IMMOBILIEN AG has acquired a portfolio of 27 neighbourhood shopping centres, supermarkets and discounters spread throughout Germany and a neighbourhood shopping centre in Rostock in two individual off-market transactions. The company invests a total of €113.8m in the acquisition; the purchase price amounted to €111.5m. The sellers are a private investor and an institutional fund. The transactions were brokered by JLL and Savills.
In total, these 28 retail locations generate an annualised in-place rent of around €8.1m and an in-place rental yield of around 7.2%. The weighted average lease term (WALT) of the rental agreements is 5.5 years. The vacant space currently amounting to around 5.8% will be utilised to optimise the use of space and the tenant mix. Essentially, the anchor tenants in the portfolio are REWE, EDEKA, Kaufland and Penny.
Regionally, the properties are distributed as follows by property value:
- 18% Mecklenburg-West Pomerania
- 15% Hesse
- 14% Bavaria
- 14% Rhineland-Palatinate
- 14% Northrhine-Westphalia
- 9% Baden-Württemberg
- 8% Lower Saxony
- 8% Others
Some of the properties have been recently restored or expanded.
