Jersey-based Esther Charitable Trust has acquired a portfolio of 13 German properties for EUR 55.5 mln in a sale-and-leaseback transaction. The portfolio mainly consists of logistics properties. They are let to Italian textiles company Miro Radici Group on 12-year leases at an initial overall annual rent of EUR 4 mln.

Jersey-based Esther Charitable Trust has acquired a portfolio of 13 German properties for EUR 55.5 mln in a sale-and-leaseback transaction. The portfolio mainly consists of logistics properties. They are let to Italian textiles company Miro Radici Group on 12-year leases at an initial overall annual rent of EUR 4 mln.

The properties cover a total floor space of 65,245 m2 and are mainly located in the Ruhr Valley. A majority of properties are located in the key Ruhr cities and towns of Bochum, Gelsenkirchen, Herne and Bergkamen, while two of the buildings are in Bremen and Cologne.

The latest acquisition brings the trust's German investments to about EUR 130 mln, just over half of its target of EUR 250 mln within the next 12 months. Sellar Property Group advised Esther Charitable Trust on the sale-and-leaseback deal. Irvine Sellar, Chairman of the Sellar Property Group, said the properties acquired have 'tremendous medium-term growth potential' and noted they complement well existing trust holdings in Dusseldorf, Dortmund and Berlin.