German listed property company TLG Immobilien has purchased 28 German retail assets from a private investor and an institutional fund for €113.8 mln.
The two off-market acquisitions comprise a portfolio of 27 neighbourhood shopping centres, supermarkets and discounters spread throughout Germany and a neighbourhood shopping centre in Rostock called Kelnow Tor (pictured).
With anchor tenants including REWE, EDEKA, Kaufland and Penny, the 28 assets generate an annualised in-place rent of around €8.1 mln and an in-place rental yield of around 7.2%. The weighted average lease term (WALT) of the rental agreements is 5.5 years.
TLG said that the current vacancy rate of 5.8% gave them an opportunity to optimise the use of space and the tenant mix.
The transactions were brokered by Jones Lang LaSalle and Savills.
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Photo copyright: Michael Fahrig
