Deutsche Konsum REIT acquired 'Elster Center' in Elsterwerda

DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Real Estate/Acquisition28.03.2018 / 07:00 The issuer

Deutsche Konsum REIT acquired 'Elster Center' in Elsterwerda

DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Real Estate/Acquisition

28.03.2018 / 07:00
The issuer is solely responsible for the content of this announcement.


Press release

Deutsche Konsum REIT acquired "Elster Center" in Elsterwerda

Broderstorf, 28 March 2018 - Deutsche Konsum REIT-AG (ISIN DE000A14KRD3) has notarised the acquisition of the very well-established retail centre "Elster Center" in Elsterwerda (Brandenburg) yesterday.

The 1991 built centre has a total rental space of 36,000 sqm and was modernised completely in 2012. Strong anchor tenants are REWE, ALDI (grocery), DM (drug store), toom (DIY), Medimax (electronics), AWG Mode (fashion) and a furnishing supplier. The centre is fully let and has an annualised rent of EUR 1.9 million at a WALT of eight years remaining plus extension options.

The total investment volume amounts to EUR 23.0 million which implies an initial yield of 8.3%. Transfer of ownership is expected to occur on 1 June 2018.

Including the latest acquisitions the current (pro forma) property portfolio of Deutsche Konsum REIT comprises of 86 retail properties with an annualised rent of EUR 33.9 million.

Due to a remaining strong acquisition pipeline Deutsche Konsum expects further acquisitions in the short run.

Rolf Elgeti, CEO: "The initial yield of 8.3% is quite low by our acquisition standards. However, we believe there is significant potential for development and rental growth in the medium term future in order to make this a very accretive acquisition for our shareholders."

About Deutsche Konsum
Deutsche Konsum REIT-AG based in Broderstorf is a listed real estate company focusing on retail properties in Germany for goods required for daily use in established micro-locations. The focus of the company's activities is on the management and development of real estate with the aim of achieving a steady increase in value and the realisation of hidden reserves. The steadily increasing current property portfolio of Deutsche Konsum comprises of 86 retail properties with an annualised rent of EUR 33.9 million.

Due to its REIT status ('Real Estate Investment Trust'), the company is exempt from corporation and trade tax. The shares of the company are listed on the Prime Standard of the Deutsche Boerse (ISIN: DE 000A14KRD3).

Contact:
Deutsche Konsum REIT-AG
Stefanie Frey
Investor Relations
E-Mail: sf@deutsche-konsum.de
Phone: +49 (0) 331 74 00 76 - 533



28.03.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Deutsche Konsum REIT-AG
August-Bebel-Str. 68
14482 Potsdam
Germany
Phone: +49 (0)331 740076517
Fax: +49 (0)331 740076520
E-mail: ch@deutsche-konsum.de
Internet: www.deutsche-konsum.de
ISIN: DE000A14KRD3
WKN: A14KRD
Listed: Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart, Tradegate Exchange; London


 
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