Corestate buys German retail portfolio
Corestate Capital Group has acquired 31 retail properties in very good city center locations in 30 medium-sized German cities, including Duisburg, Limburg, Mönchengladbach and Schwerin. The purchase price is 115 million euros.
The portfolio has a total rental area of 63,400 sqm. The anchor tenants of the properties in the top locations of the cities include H&M, C&A, Woolworth, New Yorker, Fielmann, dm and Rossmann. According to Corestate, the portfolio's vacancy rate is five percent.
"Pedestrian zones form the heart of many German medium-sized cities," says Thomas Landschreiber, Corestate's Chief Investment Officer. "Strong retailers such as H&M, dm or Fielmann have successfully established themselves there." Corestate pursues an investment strategy that targets a large number of well-diversified top retail properties, he said. (ah)
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