London – ESTAma announces the sale of a German Shopping-Centre Portfolio by its UK based client Edinburgh House Group to a Berlin based investor advised by Curator r.e.m AG for an undisclosed amount in the high double digit Euro millions. ESTAma was exclusively mandated as sales agent by the seller.
The portfolio comprises three shopping-centers, two of which are based in the Thuringian cities of
Nordhausen and Sondershausen with the third one located in North Rhine Westphalian city of Wuppertal.
„The properties are let to well-known tenants like C&A, Deichmann, EDEKA, REWE, Rossmann, Toys R Us and offer a secure medium-term cashflow basis with a WARLT of ca. 4 years as well as potential upside from asset management given the average vacancy level of ca. 22%“, as Adrian Paxman, 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 April 2017.
“The sale contributed to a promising start of the year 2017 and allows us to extend our track record of sales to more than €1.1 billion in the past 4 years“, reflects Christian Bodtke, Investment Executive.
Taylor Wessing Hamburg was the seller’s appointed legal advisor.