Investments in specialist stores and specialist retail centres are still considered attractive despite the problems of the stationary retail trade. This is because typical tenants such as DIY stores, drugstores and food discounters are less threatened by online trading than other retail sectors. Long-term letting guarantees stable returns. Deutsche Konsum REIT-AG has also said this to itself and has now acquired five specialist stores in different German locations. This article is based on the unique List of the 400 largest German real estate investors in Germany.
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Three local supply centres and two food discounters
Three of the commitments are local supply centers – the Feldberg Center in Neu-Anspach (Hesse) with 5,733 square meters of space, a center in Mölln (Schleswig-Holstein) with 5,126 square meters and another in Freital (Saxony) with 1,700 square meters. All three local supply centers are fully let with remaining lease terms of at least three years. The tenants include food discounters, beverage retailers, drugstore chains, a fitness chain and a pharmacy. Practice and office space as well as apartments are also let in the Möllner property. The other two investments concern two food discounters in Blankenstein (Thuringia) and Wrestedt (Lower Saxony) with a total area of 2,372 square meters.
The total investment volume amounts to 14 million euros, with annual rental income reaching around 1.25 million euros. This results in an investment return of 9 percent. Deutsche Konsum REIT is one of the few REITs in Germany. A REIT (Real Estate Investment Trust) is a listed real estate investment company that distributes the majority of its profits and is tax-privileged. The investment focus of Deutsche Konsum REITs is on retail properties with tenants who offer goods for everyday use (retail business). The acquired portfolio is a good match. The overall portfolio currently comprises 170 properties with 950,000 square meters of floor space and a balance sheet value of 850 million euros.
Source: Immobilien Zeitung Picture source: Unsplash