An investment vehicle exclusively advised by Bruton Capital, the German real estate investment and asset management firm, has acquired a portfolio of five retail assets in the states of Baden-Württemberg, Lower Saxony and Thuringia.
The portfolio comprises c.53,000 sqm of principally retail space, anchored with strong leases to Kaufland, Roller, OBI and Thomas Phillips with a WAULT of 8 years.
The portfolio additionally offers potential for active asset management with vacant spaces for leasing up and interesting development opportunities.
Acquisition financing for the purchase was provided by Bremer Kreditbank AG. The acquisition price has not been disclosed.
Cushman & Wakefield acted for the vendor.
Ross MacDiarmid, a partner at Bruton Capital, said: “We are very positive about the asset management and repositioning potential within the CGG Portfolio. At the same time we have secured significant long term income from strong convenants for our investors. The assets have been acquired on a very attractive basis and we already have strong interest in the vacant space available.”
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 across different strategies with a principal focus on retail investment.