DGAP-News: TLG IMMOBILIEN AG / Key word(s): Contract/Real Estate
TLG IMMOBILIEN AG acquires two adjoining neighbourhood shopping centres in Dresden
- 'Sachsen Forum' and 'Fachmarktzentrum Merianplatz' acquired
- Total net purchase price EUR 22.8 m
- Rental agreements for both properties generate around EUR 1.7 m per annum
- Total occupancy rate: 99%
- Anchor tenants: Konsum Dresden, Rossmann, Penny and Sparkasse
- Well-established and highly frequented convenience shopping locations
Berlin, 30 September 2016 - TLG IMMOBILIEN AG has acquired the well-established local neighbourhood shopping centre 'Sachsen Forum' as well as the neighbouring 'Fachmarktzentrum Merianplatz' in Dresden for a total net purchase price of EUR 22.8 m. Factoring in the ancillary costs of the acquisition, a total of around EUR 24.3 m is being invested in the transactions. Both properties are situated in the district of Gorbitz in western Dresden, in the heart of one of the largest residential areas in the Saxon state capital. They are highly frequented by passers-by as around 20,000 people live in the district. They enjoy excellent public transport connections and have an ample number of parking spaces.
'Sachsen Forum' has a lettable area of around 11,700 sqm. Built in 1996 and partially revitalised in 2016, the property generates around EUR 1.4 m per annum from rental agreements. The weighted average lease term (WALT) is 3.4 years. The EPRA Vacancy Rate of the property is approx. 1%. Anchor tenants include the well-established local food retailer Konsum Dresden, the health and beauty chain Rossmann and the discounter Penny. In addition to its retail space, some of the space in the property is being used for offices and medical practices. The property was sold by TAM Grundstücksverwaltungsgesellschaft mbH & Co. Objekt Dresden-Gorbitz KG and the transaction was brokered by Tust Immobilien.
The directly neighbouring 'Fachmarktzentrum Merianplatz' has a lettable area of around 3,000 sqm and is also in good structural condition. It generates around EUR 300,000 from rental agreements per annum. The property has a WALT of 3.8 years and an occupancy rate of 97%. In Ostsächsische Sparkasse Dresden, KIK and Ernsting's Family, this centre also has well-known chains as tenants. The transaction was brokered by Cushman & Wakefield.
'Dresden is one of the prospering and fast-growing cities in eastern Germany. The steady influx of people and its positive economic performance make Dresden a popular place in which to invest, even in terms of convenience stores, which is why we are happy to add this highly promising micro-location to our retail portfolio', says Niclas Karoff, member of the Management Board of TLG IMMOBILIEN AG.
About TLG IMMOBILIEN AG
|Company:||TLG IMMOBILIEN AG|
|Phone:||030 - 2470 - 50|
|Fax:||030 - 2470 - 7337|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|