This shopping complex has a total area of 235,000 sq m with 330 shops and a footfall of approximately 20 million a year. Shopping City Süd is located in the South of Vienna and serves about 1,080,000 inhabitants. Via the take-over of 100% of the shares of the two companies concerned, Leasinvest Real Estate has become the owner of:
- Retailpark SCS Nordring 2-10, situated in Vösendorf, with a surface area of 14,800 sq m and 278 parking spaces, housing tenants such as Conrad Electronic, TK Maxx, Swiss Sense, Brendon/Betten Reiter (in 2020), Fit-One, Art-X, Kinderspielwelt, and
- Retailpark Pittarello Nordring 16, also situated in Vösendorf, with a surface area of 11,350 sq m, 202 parking spaces and tenants such as Lidl, Pittarello, Action, Bipa and Farben-Partner.
Both retail parcs are fully leased and generate an annual rental income of circa € 4 million. These acquisitions represent an investment of € 71.8 million and are in line with the valuation of the independent real estate expert.
This acquisition has been to a large extent funded with a new credit line of € 65 million with a maturity of 7 years. The transaction was initiated by EHL Investment Consulting, Vienna. Consultants of Leasinvest have been SCWP and KS Ingenieurs. Following this transaction, the total fair value of the real estate portfolio of Leasinvest Real Estate (including the participation in Retail Estates) rises to over € 1.23 billion. The retail part in the directly held real estate portfolio (excluding the participation in Retail Estates) increases that way to 47%, while offices represent 48% and logistics 5%. The share of Austria in the total real estate portfolio consequently rises to 16%. The Grand Duchy of Luxembourg still remains the most important market for Leasinvest Real Estate with 52%, followed by Belgium 32%.
Michel Van Geyte, CEO, comemnted: “Leasinvest is very happy to have realized this excellent investment in a challenging market with limited offer. With this acquisition Leasinvest strengthens its position in Austria, and more specifically around Vienna, for years voted best city to live in. Despite the growth of e-commerce, both the turn over and retail space per capita in Austria are among the highest in Europe, moreover sustained by the expected population and income growth over the next five years.”