German investor DEMIRE Deutsche Mittelstand Real Estate has expanded its portfolio with the acquisition of five department stores for €71m.
The manager said the properties are located in central inner city locations of German potential cities.
The weighted average lease term on the fully leased properties is 14.4 years.
Ingo Hartlief, CEO of DEMIRE, said the second portfolio acquisition in 2019 increases the property portfolio to a total of approximately €1.4bn, corresponding to external growth of around 21% in the current fiscal year.
“This acquisition diversifies our recently expanded portfolio of offices while keeping the ratio of retail properties constant.
“The realisation of growth potentials is a core element of the DEMIRE strategy.”