German investor HIH Invest Real Estate has acquired three grocery-anchored retail properties in Germany from international investment firm Gold Tree.
Financial details were not disclosed.
The transaction, in the form of an asset deal, was carried out on behalf of Perspektive Einzelhandel: Fokus Nahversorgung, an open-ended special alternative investment fund focusing on grocery retail real estate.
The largest of the portfolio assets is the LudwigArkaden retail park on Potsdamer Strasse in Ludwigsfelde, a town in Brandenburg just south of Berlin, whose three building sections add up to a lettable area of 14,564 m2.
Completed in 2016, it is anchored by an Edeka supermarket and home to a total of 19 diversified tenants. Its catchment area includes southern Berlin and Potsdam. Visitors have the use of over 400 parking spaces on the premises. The site area totals 28,588 m2.
The property in Rödental, a town near Coburg in northern Bavaria, is the Anna-Park convenience centre on Oeslauer Strasse and provides 7,148 m2 of lettable area plus 222 parking spots.
It is anchored by a Rewe supermarket, an Aldi discount supermarket and a Rossmann drugstore. The two building envelopes of the Anna-Park retail venue were built in 2016 and 2019, respectively, on a plot measuring 19,904 m2.
The Kaufland hypermarket on Hildesheimer Strasse in Goslar, a town in Lower Saxony, was constructed on a plot of 15,263 m2 in 2016. Kaufland occupies around 5,500 m2 of floor area, and has a remaining lease term of 14.5 years. The hypermarket comes with a post-checkout area, parts of which are rented to concessionaires by Kaufland.
The three portfolio assets are fully occupied with an overall weighted average unexpired lease term of 10 years. The four biggest tenants, Edeka, Rewe, Aldi and Kaufland, account for more than half of the total rent revenues.
Said Jens Nagelsmeier, head of transaction management retail & healthcare: 'The sites are located in three different states and therefore well diversified. At the same time, they share certain characteristics.
'Built between 2016 and 2019, the properties are virtually as-new while also being in excellent structural and visual condition. They are already well-established within their respective home towns, not least because their location next to main arteries implies convenient transport access.'
The retail fund in question now includes 24 assets with a combined value of more than half a billion euros. The fund invests in retail parks and convenience centres, anchored by food retailers in economically stable locations in Germany, each worth between €10-40 mln. The annual dividend yield is somewhere between 4.5 and 5.5%.
The pre-acquisition legal and tax due diligences on behalf of HIH Invest were conducted by the law firm of Heuking Kühn Lüer Wojtek.
Gold Tree was supported by Montano Real Estate as asset and transaction manager and received legal counsel from the Noerr law firm. BNP Paribas Real Estate acted as transaction advisor to the seller.
