Leasinvest Immo Lux, a subsidiary of Leasinvest Real Estate, has acquired three retail properties located in Strassen, Diekirch and Foetz, Luxembourg for EUR 47.5 mln. The assets generate a total rental income of EUR 3.6 mln per annum, reflecting a gross initial yield of 7.68%. They are fully let with an average remaining lease duration of 6.5 years.
Leasinvest Immo Lux, a subsidiary of Leasinvest Real Estate, has acquired three retail properties located in Strassen, Diekirch and Foetz, Luxembourg for EUR 47.5 mln. The assets generate a total rental income of EUR 3.6 mln per annum, reflecting a gross initial yield of 7.68%. They are fully let with an average remaining lease duration of 6.5 years.
The Strassen site consists of 22,721 m2 of rentable space and 515 outdoor parking spaces and was purchased for EUR 29 mln. It is mainly rented to the German DIY retailer Bâtiself, Metro Group's subsidiary Adler Mode and furniture store Roller. The retail building in Diekirch consists of 8,843 m2 of rentable space and 204 parking spaces. The building is rented to Bâtiself. The retail building situated in Foetz consists of 4,219 m2 of rentable space and 215 parking spaces. The building is fully leased to Adler Mode.
The transaction has been entirely financed with newly obtained credit lines from banks in Luxembourg and Belgium. The acquisition brings the Luxembourg portfolio to 40% of the total portfolio, from the previous 30%.
Jean-Louis Appelmans, CEO of Leasinvest: 'In these turbulent times Leasinvest has succeeded in obtaining the necessary financing to seize this opportunity to acquire very well-situated retail locations in Luxembourg at favourable conditions.'
