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DGAP-News: Deutsche Konsum REIT makes acquisitions for more than EUR 48 million

DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Acquisition/Real Estate


Deutsche Konsum REIT makes acquisitions for more than EUR 48 million


11.04.2019 / 07:03



The issuer is solely responsible for the content of this announcement.


Press release

Deutsche Konsum REIT makes acquisitions for more than EUR 48 million

Broderstorf, 11 April 2019 - Deutsche Konsum REIT-AG ("DKR") (ISIN DE000A14KRD3) acquired nine other retail properties in single transactions with notarised certificates in March and April 2019.

The largest acquisition property is the local supply and shopping centre "Montanushof" in Grevenbroich (Northrhine-Westphalia) with around 28,000 m² of rental space. The centre, which was built in 1983, was completely renovated in 2004 and is home to, among other things, the anchor tenants Kaufland (Schwarz Group), Adler, Rossmann, Woolworth, Deichmann, TEDi and a pharmacy. Furthermore, Best Western operates a hotel in a part of the building. The average remaining term of the contracts (WALT) is 7.0 years, with the anchor tenants sometimes having considerably longer tenant contracts. The annual rent is currently around EUR 2.2 million. In addition, the current vacancy rate of 29%, according to DKR estimates, offers significant value creation potential, which is to be realised step by step.

Furthermore, the local shopping centre "Altmark Forum" in Stendal (Saxony-Anhalt) was acquired. The property was built in 1995 and has a leasable area of approximately 12,100 m². The main anchor tenants here are also Kaufland (Schwarz Group), TEDi, Woolworth, a pharmacy as well as doctors and physiotherapists. The property has an average residual lease term of around 6.5 years and currently has a vacancy rate of 13% of the space. The annual rent is around EUR 0.9 million.
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