AIM-listed German property investor Dawnay Day Treveria has agreed to acquire two retail property portfolios for €214m
The acquisitions bring Treveria’s total property holdings, owned and notarised, to around €1.7bn.
The portfolios comprise 47 properties, including two large shopping centres, located in various towns across Germany including Lübeck, Mönchengladbach, Solingen, Wilhelmshaven and Bochum. Major tenants include H&M, Rewe, Media Markt and Deichmann.
The purchase price reflects an aggregate gross current yield and net initial yield of 7.6% and 6.5% respectively.
Ian Henderson, chairman of Treveria, said: ‘These acquisitions are strong additions to our portfolio. The asset manager now employs over 50 people in its German property management office who are not only increasing the value of the existing portfolio but are also becoming a principal source for acquisitions. Looking ahead, we are well positioned, with a strong pipeline and we are confident of building a €2.3bn portfolio within the timescale set.’