CBRE Global Investors has acquired the StadtCenter Düren Shopping Centre in North Rhine-Westphalia, Germany for EUR57m reflecting an initial yield of 6.1 per cent.
The vendor is Schroder Property on behalf of the listed European Real Estate Investment Trust (EREIT).
The centre has a GLA of 17,662 sq m with 54 retail units let to a range of high quality retailers and anchors include H&M, Olymp & Hades, Drogerie Markt, Deichman and NewYorker. There are also 314 car parking spaces on the roof of the property which provide direct access to the retail concourse. The centre is located in the city centre and is highly visible with good access by car, public transport and from a nearby pedestrian area.
The acquisition of the shopping centre increases the CBRE European Shopping Centre Fund’s assets under management to EUR400m and will add further strength to the portfolio through a low risk, stable asset as well as providing additional exposure to the economically resilient German market.
Florencio Beccar, fund manager of ESCF, CBRE Global Investors, says: “This acquisition is the fifth made by the fund and second in Germany increasing its exposure to this comparatively strong economy to c.30 per cent. We have purchased a core, incoming producing asset at an attractive price. The asset benefits from its city centre location and provides rental growth opportunities based on its solid tenant performance.”