Belgian REIT Leasinvest Real Estate has purchased a retail park in Asten, Austria, for €38 mln.
The Frun-branded asset, which opened in 2013, was developed by De Vlier Retail Development in collaboration with Focus Real Estate.
'The acquisition of this successful retail park in Austria represents a unique opportunity for Leasinvest, within its strategy of focussing on retail and geographical diversification, to enter a new stable European market,' commented Jean-Louis Appelmans, CEO of Leasinvest Real Estate. 'The additional rental income, spread across nearly 30 different tenants, will consequently positively influence the results over 2017.'
The property comprises 18,300 m2 of lettable area, with 26 shops and 600 parking spaces. A photovoltaic installation on the roof produces over 500,000 KWh of green energy annually, representing a reduction in CO2 emission of 400 tonnes.
Tenants include international and local retailers such as C&A, Intersport, Spar, Action and Zeeman.
The acquisition sees Leasinvest enter the Austrian market, in addition to the territories of Luxembourg, Belgium and Switzerland. The acquisition was funded by undrawn credit lines.
CBRE mediated the transaction.
