MGPA has completed the acquisition of 26 retail properties from AIM-listed German property investor Develica Deutschland. The assets will be added to MGPA Europe Fund III's portfolio, alongside the 135 Aldi stores acquired in September 2010. The financial details of both deals were not disclosed.
MGPA has completed the acquisition of 26 retail properties from AIM-listed German property investor Develica Deutschland. The assets will be added to MGPA Europe Fund III's portfolio, alongside the 135 Aldi stores acquired in September 2010. The financial details of both deals were not disclosed.
The Develica Deutschland properties are mainly located in western Germany and provide a combined total net lettable area of 41,200 m2 on a total site area of 127,700 m2. The site comprises 21 food retail properties, of which 11 are supermarkets including the leading German retailers Edeka and Rewe and 10 are discounter units with typical unit sizes of 1,000 - 2,000 m2. The remaining five units are occupied by a DIY retailer, automotive retailer and textiles retailers. The portfolio is 97% occupied.
MGPA said the transaction builds on the Aldi store portfolio and offers asset management and development synergies. MGPA won the PERE Europe deal of the year for the acquisition of the Aldi portfolio.
