German-listed TLG Immobilien has added to its holdings in the northern German city of Rostock by acquiring a neighbourhood shopping centre for €28 mln, reflecting a yield of 8.6%.
German-listed TLG Immobilien has added to its holdings in the northern German city of Rostock by acquiring a neighbourhood shopping centre for €28 mln, reflecting a yield of 8.6%.
The 17,500 m2 Südstadt-Center generates an annual rent of €2.4 mln and was acquired from a private owner. The property was built in 1993 and expanded four years later. The vacancy rate is 4.8%.
The property is located central along the Südring thoroughfare in Rostock and serves the surrounding residential areas as a local centre for daily food retailing. In addition, the neighbourhood includes several university facilities, the civic centre and the central bus station.
In early May TLG announced the acquisition of an office building in Rostock from DG Anlage. The investment volume of €15 mln reflected a yield of almost 8.4%. The centrally located property was built in 1995 and features 16,000 m2 of lettable space, primarily for office use.
