DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Acquisition/Real Estate
Deutsche Konsum REIT acquires DIY portfolio with an annual rent of EUR 4.2 million - total property portfolio grows to EUR 700 million
Broderstorf, 21 November 2019 - With notarisation yesterday Deutsche Konsum REIT-AG ("DKR") (ISIN DE000A14KRD3) has acquired a DIY property portfolio with an annual rent of EUR 4.2 million.
The portfolio comprises of seven properties which are positioned in very good micro-locations and are located in the states of Northrhine-Westphalia (2), Saxony-Anhalt (2) as well as in Saxony, Lower Saxony and Brandenburg (1 each). The total rental space amounts to 55,000 m². Anchor tenant of each location is the German DIY chain HELLWEG. The DIY stores were built between 1993 and 2008 and are in a very well constitution. All rental contracts are double net agreements which is favourable for DKR in terms of the operating margin and have a WALT of around 12 years.
Therefore, in the financial year 2019/2020, the property portfolio of Deutsche Konsum grew by 12 properties with a purchase volume of around EUR 75 million already. Thus, the total portfolio (pro forma) currently comprises of 134 properties with a total rental space of more than 800,000 m² and a book value of around EUR 700 million as well as an annual rent of around EUR 55.3 million.
In addition, DKR is in concrete purchasing processes and expects further acquisitions shortly.
Rolf Elgeti, CEO of Deutsche Konsum REIT-AG: "At this acquisition we regard the combination of long leases and a high initial yield in a very defensive retail class which is far from being undermined by E-Commerce as a very attractive and stable addition to our property portfolio. Taking the foreseeable acquisition pipeline into account our exposure to DIY in our tenant mix will remain stable at the same level."
About Deutsche Konsum
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).
|Company:||Deutsche Konsum REIT-AG|
|Phone:||+49 (0)331 740076517|
|Fax:||+49 (0)331 740076520|
|Listed:||Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||918219|
|End of News||DGAP News Service|