Deutsche Konsum REIT acquires Spitzkrug Multi Center in Frankfurt/Oder

DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Acquisition/Real Estate26.04.2021 / 07:15 The issuer

Deutsche Konsum REIT acquires Spitzkrug Multi Center in Frankfurt/Oder

DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Acquisition/Real Estate
26.04.2021 / 07:15
The issuer is solely responsible for the content of this announcement.

Presse release

Deutsche Konsum REIT acquires Spitzkrug Multi Center in Frankfurt/Oder

Broderstorf, 26 April 2021 - Deutsche Konsum REIT-AG ("DKR") (ISIN DE000A14KRD3) has acquired the Spitzkrug Multi Center ("SMC") in Frankfurt/Oder (Brandenburg) by notarial deed.

The SMC was built in 1994 and extensively revitalised in 2018 and is a central retail and local supply property in the university city of Frankfurt/Oder as well as in the wider area. The centre is located in an attractive commercial and specialist retail agglomeration and is well established at the location. The SMC comprises a total lettable area of around 25,000 m² and is let to major anchor tenants such as Kaufland, Rossmann and Dänisches Bettenlager. Other tenants include Medimax, Adler Modemärkte, Takko, Deichmann, Fressnapf and others, representing a stable tenant mix from which, however, further potential for improvement can be realised.

The annualised annual rent is currently approx. EUR 3.5 million with a WALT of approx. 7.5 years and a current vacancy rate of approximately 7%. The parties have agreed not to disclose the purchase price, but the yield is within the attractive range envisaged by DKR. The transfer of benefits and encumbrances is planned for 1 July 2021.

Furthermore, a financing agreement has already been concluded with a German mortgage bank to take out a secured five-year loan with an attractive interest rate of less than 1% per annum to refinance the SMC.

Thus, the total portfolio (pro forma) currently comprises 173 properties with a total rental area of more than one million square metres and a balance sheet value of around EUR 920 million. The portfolio currently generates an annual rent of around EUR 73 million, which means that the FFO run rate of the secured property portfolio is currently around EUR 46 million (forecast as at 30 September 2021: FFO run rate between EUR 47 million and EUR 51 million).

DKR is also in the process of further concrete acquisitions and expects further acquisitions in the near future.

About Deutsche Konsum
Deutsche Konsum REIT-AG, headquartered in Broderstorf, is a listed real estate company focusing on retail properties in Germany for goods required for daily use in well-established micro-locations. The focus of the Company's activities is on the acquisition, management and development of convenience retail properties with the aim of achieving a steady increase in value and the realisation of hidden reserves.

Due to its (German) REIT status ('Real Estate Investment Trust'), the Company is exempt from German corporation and trade tax. The shares of the Company are listed on the Prime Standard of the Deutsche Boerse (ISIN: DE 000A14KRD3) and on the Johannesburg Stock Exchange (South Africa) by way of a secondary listing. Further information on the Company can be found at https://www.deutsche-konsum.de/en/.

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



26.04.2021 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.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


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, Hamburg, Munich, Stuttgart, Tradegate Exchange; JSE Securities Exchange
EQS News ID: 1187676


 
End of News DGAP News Service

show this

Back