Funds advised by Bruton Capital, the German real estate investment and asset management firm, have acquired a portfolio of two retail assets from the German retailer Metro. One of the centres is located in Finowfurt in the district of Brandenburg, and the other centre in Hettstedt in the district of Mansfeld-Südharz. Both centres are anchored by REAL and have a combined lettable area of 54,939 sq.m., plus additional development rights for another 30,000 sq.m. These assets present an excellent opportunity for Bruton to implement a programme of active management, to improve the tenant mix and optimise value on behalf of its investors.
In Finowfurt, Bruton intends to develop and construct several retail buildings for food retail, thereby maximising the centre’s potential value. As part of its improvement strategy, Bruton also plans to upgrade the exterior landscaping and surroundings of the property, making the centre more attractive and creating a sustainable environment for local, indigenous wildlife.
The Mansfeld Centre in Hettstedt has been under managed and, in addition to tenants Real, Hammer, Reno Schuh and Mobel Ritter, is the site of a vacant former Max Bahr retail space. Bruton plans to modernize this vacant space for future expansion and utilize its strong relationships with key German retailers to lease it to prominent tenants who have already expressed a concrete interest in leasing space at the Mansfeld Centre.
The acquisition of both centres demonstrates Bruton’s ability to identify properties with upside potential in locations in the pathway of growth that deliver a solid and stable cash flow for our investors.
Ross MacDiarmid, a Partner at Bruton Capital, said : “The two properties are dominant in their catchment areas and both offer excellent future development opportunities.”
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.