Leasing & Refurbishment
Funds managed by Bruton Capital acquired a fachmarktzentrum at Dunningen in the state of Baden-Württemberg as part of a distressed portfolio acquisition of four assets out of the insolvency of a Dutch investor.
The asset at Dunningen comprised c.1,800 sqm of retail space let to Edeka on a medium length lease.
Despite the fact that the lease expiry remained several years away, the Bruton Capital asset management team were able to immediately negotiate and secure a further lease extension, taking the full Edeka term to 15 years.
The landlord made a contribution to the further refurbishment and upgrade of the store and premises.
The transaction demonstrates the strong relationships with key retail tenants held within our asset management team. The asset has subsequently been re-valued and the transaction has delivered strong growth and an excellent IRR for our investors.