Acquisition of retail centre in Schwerin
July 3, 2019Funds advised by Bruton Capital have acquired a retail centre in Schwerin, the state capital of Mecklenburg-Vorpommern, in northern Germany. The centre consists of total lettable area of 12,675 sq.m. and is anchored by Kaufland.
With its retail-focused tenant mix, which includes tenants such as Kik, the asset is value-add which presents an excellent opportunity for Bruton to utilize its leasing expertise to improve the tenant mix and lease up the vacant stand-alone former drinks market, further developing the centre.
Bruton’s in-house construction and development team will undertake the buildout of the upper floors with the intention of leasing them to medical offices and leisure tenants as part of implementing an effective asset management strategy.
Ross MacDiarmid, a Partner at Bruton Capital, said: “This asset is ideally suited to Bruton Capital’s repositioning skills, as Kaufland provides core value, and the vacant retail and leisure areas offer strong upside potential.”
NOTES FOR EDITORS:
Bruton Capital is a partnership based in Frankfurt and London providing the full spectrum of real estate investment and asset management capabilities to investors in Germany. Bruton Capital advises a number of private investment vehicles, each having a different strategy, with a principal focus on retail investment.
