UK-based Dawnay, Day Treveria has acquired two retail property portfolios in Germany for a total of EUR 214 mln. The portfolios comprise 47 properties, including two large shopping centres, located in towns across Germany. Major tenants of the buildings include H&M, Reve, Media Markt and Deichmann. The gross current yield (passing rent divided by purchase prize, but excluding transactions costs) for the two portfolios is 7.6%.
UK-based Dawnay, Day Treveria has acquired two retail property portfolios in Germany for a total of EUR 214 mln. The portfolios comprise 47 properties, including two large shopping centres, located in towns across Germany. Major tenants of the buildings include H&M, Reve, Media Markt and Deichmann. The gross current yield (passing rent divided by purchase prize, but excluding transactions costs) for the two portfolios is 7.6%.
Treveria was established in 2005 to invest in German commercial real estate, with a primary focus on retail assets. The company employs 50 people in its German office and the latest acquisitions increases the company's total property assets to around EUR 1.7 bn. 'Looking ahead, we are well positioned, with a strong pipeline, and we are confident of building a EUR 2.3 bn portfolio within the timescale set [by mid 2007 at the latest],' said Ian Henderson, chairman of Treveria.
