Celebrity-backed private investor syndicate aAim has made two European retail acquisitions for a total of €90m (£61m), including its first German acquisition.
The company, which counts Simon Cowell and Sir David Frost amongst investors, has bought a 215,280 sq ft retail park near Dresden for €40m (£27m) at an initial yield of 6.5%, and a 193,752 shopping centre in Olomouc, the fifth most populous city in the Czech Republic, for €50m (£34m) at an initial yield of 6.9%.
Robert Whitton, chief executive of aAim Europe, said of the German acquisition: ‘We are very bullish about the German Retail market where we see excellent value. We intend to develop the existing shopping park further to total 365,976 sq ft thereby increasing the gross rent roll by up to 50% and to actively manage it.’
aAim was advised by Clifford Chance in Germany and Donaldsons and Baker Mackenzie in the Czech Republic.
The deals come as part of a huge continental retail spree by the company. Last week Property Week revealed that aAim are set to complete the biggest property deal in Hungarian history, and will pay €400m (£270m) for Budapest’s biggest shopping centre.