CBRE Global Investors has acquired the StadtCenter Düren shopping centre in North Rhine-Westphalia, Germany for €57 mln, reflecting an initial yield of 6.1%.
CBRE Global Investors has acquired the StadtCenter Düren shopping centre in North Rhine-Westphalia, Germany for €57 mln, reflecting an initial yield of 6.1%.
The vendor is Schroder Property on behalf of the listed European Real Estate Investment Trust Limited (EREIT).
The centre is located in the town of Düren, which is located between Aachen and Cologne on the river Rur. The mall has a GLA of 17,660 m2 with 54 retail units and 314 car parking spaces on the roof of the property.
The acquisition increases the assets managed by CBRE's European Shopping Centre Fund to €400 mln.
'This acquisition is the fifth to be made by the fund and the second in Germany, increasing its exposure to this comparatively strong economy to around 30%. We have purchased a core, incoming-producing asset at an attractive price,' commented Florencio Beccar, fund manager of ESCF at CBRE Global Investors.
The purchase comes hard on the heels of CBREGI's purchase earlier this week of three assets in the North Yorkshire town of Harrogate in the UK on behalf of a client.
The first acquisition is of two prime shops on 32-34 Cambridge Street, in Harrogate’s main shopping district which is expected to deliver strong rental growth. The units have been let to O2 until 2015 and Pandora until 2020 and were purchased for £2.5 mln.
The second acquisition is of a prominent freehold site which is Grade II listed and in a prime location close to the train station and offers rear parking. It is currently let to Odeon Cinemas Limited until July 2038. The site was purchased for £7.75 mln.
The third acquisition is of a site in a residential area of Harrogate that currently comprises a food store and car park. The site is let to the Co-operative Group Limited until 2025 and was purchased for £3.7 mln.
