TLG IMMOBILIEN acquires 'Burgwall' neighbourhood shopping centre in Wismar
TLG IMMOBILIEN AG / Key word(s): Real Estate/Contract
TLG IMMOBILIEN acquires "Burgwall" neighbourhood shopping centre in Wismar
- Established shopping centre in highly frequented location
- Investment volume: EUR 18.6 million
- Contractual rent approx. EUR 1.5 million p.a.
- Average lease term (WALT) 5.4 years, primary tenants: Rewe, Norma, Deichmann, Rossmann
- 98 % occupancy rate
The shopping centre, completed in 1993, is located on an easily accessible main thoroughfare leading into Wismar's old town. The harbour and historic old town are within walking distance. "The established property is heavily frequented by nearby residents, tourists and people from the surrounding area and serves as a local centre for daily food retailing", said Niclas Karoff, member of TLG IMMOBILIEN AG's Management Board. The shopping centre offers approx. 11,700 square meters of lettable space, 98 % of which has been let, and generates annual rental income of approx. EUR 1.5 million. The remaining average lease term (WALT) is 5.4 years, though several major anchor tenants recently renewed their leases for extended terms. The primary tenants are Rewe, Norma, Deichmann and Rossmann. Furthermore, there are 224 parking spaces on the property.
Wismar is located on the Baltic Sea and is the sixth-largest city in Mecklenburg-Western Pomerania. It was added to the UNESCO World Heritage List in 2002. "We deliberately include properties such as the 'Burgwall' shopping centre in our acquisition strategy to expand our portfolio. Where retail properties used for daily food retailing are concerned, the quality of the immediate surroundings is of utmost importance, which is why we are particularly pleased with this location", added Mr Karoff. Including this transaction, this year, TLG IMMOBILIEN AG has added properties worth approximately EUR 190 million to its portfolio, or has signed purchase agreements to that effect. This includes two office properties in Dresden and Rostock and four specialist stores and retail food centres in Berlin and the surrounding areas as well as in Rostock.
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* All figures as at 31 March 2015.
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|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|
|End of News||DGAP News-Service|