Case Studies

Unterwellenborn

Opportunistic Acquisition

An investment vehicle exclusively advised by Bruton Capital acquired a retail park at Unterwellenborn in Thuringia as part of a distressed portfolio acquisition purchased out of insolvency in a process run by Hatfield Philips.

The asset at Unterwellenborn, offering c.18,500 sqm of retail space, was leased to two strong covenants, Kaufland and OBI, on long leases.

The acquisition price of the property was very attractive and benefitted from the fact that bidders could only secure the asset as part of a more difficult portfolio acquisition.

Bruton Capital’s asset management team immediately realised the potential of the site and the asset was sub-divided into two plots creating the opportunity to market a stand-alone refurbished supermarket offering c.9,500 sqm of retail space, leased to Kaufland until December 2028. The property was sold to TLG at the end of 2017.

An OBI DIY market on the same site was retained and marketed separately. The sales price achieved on the sale of the Kaufland property alone recycled all the equity from the original acquisition, generating superior returns for our investors.

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