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ESTAma advises on Sale of Retail Property Portfolio Octagon

London, 12th January 2017. ESTAma announces the sale of the retail property portfolio Octagon by a UK based client to a Berlin based investor. ESTAma was exclusively mandated as sales agent by the seller. „The properties are let to well-known tenants incl. Roller, Norma, Aldi, OBI, dm and offer secure medium term income with a WARLT of ca. 5.5 years as well as potential upside from asset management given the occupancy level of ca. 72%“ as Chanan Aharonoff, Investment Manager at ESTAma explains. The assets were bought by ESTAma’s client in 2005-2007 and now sold as part of a larger disposal strategy. The transfer of the properties happened in December 2016.

The portfolio comprises 7 retail properties and one industrial asset located in Angersdorf, Essen, Meiningen, Mülheim a.d. Ruhr (2x), Radebeul, Schwalmtal and Suhl. The portfolio contains 4 retail parks, a DIY market and production space.

„The interest shown in the sales process of Portfolio Octagon confirms the high demand for product by foreign and domestic investors in Germany, even in secondary and tertiary locations. The demand for institutional product remains unbroken as the sale of the hybrid mall Flora Park in Magdeburg to Rockspring for ca. €117 million which completed in November 2016 which was also advised by ESTAma recently confirmed. Both sales contributed to a successful result for the year 2016 with transactions closed worth ca. €400 million and allowed us to extend our track record of sales to more than €1 billion in the past 4 years“ reflects Christian Bodtke, Investment Executive.

Taylor Wessing Hamburg was the seller’s appointed legal advisor.

Estama