TLG IMMOBILIEN invests approx. €85.9 mln to acquire two retail centers (DE)

TLG IMMOBILIEN AG signed the purchase agreement for two special retail centers in the Berlin area. The properties were acquired from private owners and have been well established in their prime locations over many years. Overall, the Company is investing approx. €85.9 mln in the transaction.
The transaction covered a package including the Bahnhofs-Passage property in Bernau near Berlin; the purchase price amounted to approximately €50.3 mln. Each year, the special retail center generates approximately €4.0 mln in net rent excluding utilities. It has a total lettable space of approximately 27,100 m², which is virtually completely let. The highly frequented property also has office space and a total of approximately 1,000 parking spaces.
The Handelscentrum Strausberg shopping center is the second property covered in the transaction. Approx. €35.6 mln is being invested in this special retail center with net rent for the year excluding utilities amounting to approx.  €3.0 mln. The property was built in several stages between 1993 and 2007. There is approx. 26,000 m² of lettable space available. Anchor tenants include Edeka, MediMax, C&A, Rossmann and McDonald's.
Niclas Karoff, member of TLG IMMOBILIEN AG's Management Board, commented on the acquisitions: "The properties are in an excellent location and have been established for several years as food retail properties in the area, they feature high-quality tenants and technology and are therefore heavily frequented by customers. Moreover, the acquisitions will once again enable us to underscore our growth-orientated business model. Since our IPO in October 2014, our Company has already invested approximately €147 mln to acquire office and retail properties."
Source: TLG IMMOBILIEN