Rockspring Property Investment Managers has made two retail property acquisitions in Spain and Germany for a total of EUR 115 mln. In Germany, Rockspring has purchased Das Es!, a dominant downtown shopping centre in Esslingen to the southeast of Stuttgart, from SEB Asset Management for EUR 69 mln, reflecting a gross initial yield of 6.8%. The deal was completed on behalf of a separate mandate.
Rockspring Property Investment Managers has made two retail property acquisitions in Spain and Germany for a total of EUR 115 mln. In Germany, Rockspring has purchased Das Es!, a dominant downtown shopping centre in Esslingen to the southeast of Stuttgart, from SEB Asset Management for EUR 69 mln, reflecting a gross initial yield of 6.8%. The deal was completed on behalf of a separate mandate.
Rockspring has identified a number of asset management initiatives to add value to the centre, which opened in 2002 and comprises a total of 23,000 m2. The scheme is anchored by H&M, Saturn electronics and C&A, and provides 322 basement car parking spaces as well as ancillary office and medical centre accommodation above.
In Spain, Rockspring has acquired 22 neighbourhood grocery stores and standalone units from Spanish food retailer, Eroski, on behalf of a single-client account. The entire portfolio, which was bought for EUR 45.5 mln on a sale and leaseback basis, is let to Eroski on a new 20-year lease.
The portfolio, which comprises 22 assets totalling 9,000 m2 of lettable area, is mainly located in the Basque country and Majorca. This transaction represents the second Eroski portfolio acquisition, following the purchase of 21 assets in August 2010 for some EUR 45 mln.
C&W advised Eroski. DJV Abogados acted for Eroski on legal issues while Nicea Abogados advised Rockspring.
