TLG IMMOBILIEN AG / Key word(s): Real Estate/Miscellaneous
TLG IMMOBILIEN invests approximately EUR 85.9 million to acquire two special retail centers in Berlin area
- Bahnhofs-Passage Bernau near Berlin and Handelscentrum Strausberg acquired
- Investment volume amounts to approximately EUR 85.9 million
- Net rent for the year excluding utilities totals approximately EUR 7.0 million
- Approximately 53,100 m² of lettable space, vacancy rate below 0.5%, prestigious tenant mix
Berlin, 30 April 2015 - TLG IMMOBILIEN AG yesterday signed the purchase agreement for two special retail centers in the Berlin area. The properties were acquired from private owners and have been well established in their prime locations over many years. Overall, the Company is investing approximately EUR 85.9 million in the transaction. Lührmann brokered the transaction.
The transaction covered a package including the Bahnhofs-Passage property in Bernau near Berlin; the purchase price (plus ancillary transaction expenses) amounted to approximately EUR 50.3 million. Each year, the special retail center generates approximately EUR 4.0 million in net rent excluding utilities. The property was constructed in two phases (1996 and 2006) and is located directly across from the railway station and in the immediate vicinity of the town centre of Bernau near Berlin. The property is about a 20-minute drive from the Berlin-Mitte district. It has a total lettable space of approximately 27,100 m², which is virtually completely let. The remaining term of the lease agreements (WALT) is approximately 4 years. Anchor tenants include Edeka, MediMax, C&A and Rossmann. The highly frequented property also has office space and a total of approximately 1,000 parking spaces.
The Handelscentrum Strausberg shopping centre is the second property covered in the transaction. Approximately EUR 35.6 million is being invested in this special retail center with net rent for the year excluding utilities amounting to approximately EUR 3.0 million. The property was built in several stages between 1993 and 2007. There is approximately 26,000 m² of lettable space available. This property is also nearly completely let and the remaining term of the lease agreements (WALT) is also 4 years for this property. Anchor tenants include Edeka, MediMax, C&A, Rossmann and McDonald's. The property has approximately 1,300 parking spaces.
Niclas Karoff, member of TLG IMMOBILIEN AG's Management Board, commented on the acquisitions: 'With these two special retail centers, we are adding two excellently positioned properties to our retail portfolio. The properties are in an excellent location and have been established for several years as food retail properties in the area, they feature high-quality tenants and technology and are therefore heavily frequented by customers. Moreover, the acquisitions will once again enable us to underscore our growth-orientated business model. Since our IPO in October 2014, our Company has already invested approximately EUR 147 million to acquire office and retail properties.'
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