Centerscape acquires six grocery stores in Germany

German developer-investor Centerscape has acquired a portfolio of six retail properties from international investor The Miller Group for a total investment volume of over EUR 20 mln. Berlin Hyp /Landesbank Berlin provided the debt financing for the transaction.

All properties are fully occupied and the anchor tenants are some of Germany' largest grocery chains including Edeka and Penny.The neighborhood shopping centres, supermarkets and grocery stores comprise 14,000 m² of rental space and benefit from an average remaining lease term of more than eight years.

The properties are located in Markt Indersdorf (district of Dachau), Neutraubling (district of Regensburg), Buehl and Offenburg (close to the French border), Stuttgart, and Weiterstadt (greater Frankfurt).

Centerscape owns a portfolio of 66 properties with a total volume of over EUR 260 mln.