The transition of the object, built in 2005/06, to TLG’s portfolio is scheduled for January 31, 2015. The retail park is located on Berlin’s Adlergestell, an important axis between Alexanderplatz and the new Berlin Brandenburg Airport in the southeast.
The property has a total lettable area of about 33,450 sq m and is fully leased. The average residual term of lease (WALT) is approximately six years. The annual net rent amounts to approximately €3.03 million. The anchor tenants are the home improvement warehouse chain OBI and the furniture store Poco Domäne. The acquired land also includes 542 parking spaces. Additionally, the local food suppliers ALDI and LIDL are located adjacent to the retail park. The seller acquired the property after construction and has been fully supervised by WPRE since 2013. The sale was initiated by WPRE and has now been completed.
“With this attractive and profitable addition to our retail property portfolio, we will continue to outperform the growth forecast given within the framework of our IPO,” says Niclas Karoff, Member of the Board of TLG real estate. He adds: “In addition to the tenant structure, the excellent location on one of Berlin’s main arterial roads spoke in favor of acquiring the object.”