A joint venture of Morgan Stanley Real Estate Investing and Hamburg-based asset manager Redos Real Estate has acquired the Tobago retail portfolio for an undisclosed amount. The vendor is Marktkauf Group, owned by Edeka, Germany's largest supermarket corporation.
A joint venture of Morgan Stanley Real Estate Investing and Hamburg-based asset manager Redos Real Estate has acquired the Tobago retail portfolio for an undisclosed amount. The vendor is Marktkauf Group, owned by Edeka, Germany's largest supermarket corporation.
The package includes 11 DIY stores with long-term leases with the 'Toom' chain of the Rewe Group.. The properties are located in Western Germany and have a gross lettable area of 130,000 m2.
'The closing of the Tobago portfolio is our third successful transaction in big box retail in Germany in the last two years,' said Thomas Hartl, Head of Germany of Morgan Stanley Real Estate Investing. 'This market segment allows for an attractive yield with inflation hedge which is particularly valuable in the current environment.'
The transaction is financed by several banks. Marktkauf Group was advised by White & Case in Hamburg, while Latham & Watkins in Hamburg advised Morgan Stanley Real Estate Investing and Redos Real Estate. The transaction was brokered by Jones Lang LaSalle in Frankfurt.
