Capital & Regional has said that its joint venture with Hahn, a German property group, has purchased a portfolio of 'big box' stores in Germany for EUR 50 mln.
Capital & Regional has said that its joint venture with Hahn, a German property group, has purchased a portfolio of 'big box' stores in Germany for EUR 50 mln.
The portfolio comprises some 35,460 m2 of floor space and the tenants include Real, Edeka and Globus DIY. The out-of-town stores generate EUR 3.46 mln rent per year, and the transaction reflects an initial yield of about 6.6% after non-recoverable costs.
Hahn, which has a 10% stake in the joint venture with Capital & Regional, manages the stores. Capital & Regional deputy chief executive Xavier Pullen said the joint venture is working on further acquisitions.
