TLG IMMOBILIEN AG / Key word(s): Real Estate/Miscellaneous
TLG IMMOBILIEN acquires central neighbourhood shopping centre in Rostock for EUR 28.2 million
- Established neighbourhood shopping centre Südstadt-Center with office space and doctors' surgeries at the heart of the Rostock-Südstadt district acquired
- Investment: EUR 28.2 million
- Annual net rent approx. EUR 2.4 million
- Approx. 17,500 m² lettable space, vacancy rate 4.8%
- Anchor retail tenants: Rewe, Penny, Rossmann
Rostock/Berlin, 18 May 2015 - TLG IMMOBILIEN AG last week signed the purchase agreement for the Südstadt-Center property in Rostock. TLG IMMOBILIEN, which specialises in office, retail and hotel properties, is investing approx. EUR 28.2 million in the acquisition. The property was acquired from a private owner. The transaction was brokered by Aagenau Immobiliengesellschaft mbH and DKB Grundbesitzvermittlung GmbH.
With approx. 17,500 m² in lettable space, the established neighbourhood shopping centre generates an annual net rent of approx. EUR 2.4 million. The vacancy rate is currently 4.8%. The property is located central along the Südring thoroughfare in Rostock and serves the immediately surrounding residential areas as a local centre for daily food retailing. In addition, the neighbourhood includes several university facilities, the civic centre and the central bus station. The property was built in 1993 and expanded in 1997. In addition to the retail space, the upper level offers office space and doctors' surgeries. Anchor retail tenants include Rewe, Penny and Rossmann, and the primary office tenant is the Federal Office for Real Estate Management (Bundesanstalt für Immobilienaufgaben). The current remaining term of the lease agreements (WALT) is approx. 4.5 years. In addition, the property offers a large number of parking spaces.
Niclas Karoff, member of TLG IMMOBILIEN AG's Management Board, commented on the acquisition: "With the Südstadt-Center, we are adding an excellently positioned property to our retail portfolio in Mecklenburg-Western Pomerania. The property is a long-established centre for food retail in Rostock's Südstadt district and thus is a perfect fit based on our acquisition profile."
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|Company:||TLG IMMOBILIEN AG|
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