Corestate and Sistema focus on German retail properties
Sistema Capital Partners, a real estate private equity platform of the Russian conglomerate Sistema JSFC, and Corestate Capital Group, have established a joint venture for the German market. The first investment is four high-street properties in medium-sized cities, which changed hands for 120 million euros.
The properties are located in the pedestrian zones of Bremerhaven, Paderborn and Halle as well as in the greater Hamburg area. Tenants of the total 60,000 sqm include H&M, Saturn, Esprit, Depot and the Bremerhaven administration. The vacancy rate is six percent. More than 60 percent of the acquisition is financed with debt capital.
Sascha Wilhelm, CEO of Corestate, says: "The four high-street properties we bought have the typical characteristics of the properties targeted by the joint venture: There are many opportunities to increase their returns through active asset management. We still see many such opportunities in the German market and therefore plan to expand our portfolio significantly over the next two to three years." (ah)
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