Pan-European investment manager Corestate Capital has divested a large mixed real estate portfolio of 27 German assets on behalf of a client.
Financial details were not disclosed, although Corestate said that the portfolio had an investment volume in the mid three-digit million range.
Comprising total rentable space of around 121,000 m2, the portfolio includes micro living assets, retail parks and high street retail. It generates an annual rental income of around €17.4 mln.
Lars Schnidrig, CEO of Corestate said that the firm was particularly pleased that it managed 'to place two micro living properties in top locations'.
Schnidrig added: 'We are continuously expanding our leading European market position in this growing asset class. Thanks to our high level of asset management expertise, we are providing the new institutional investor with an all-round healthy and optimally positioned portfolio.'
The mixed portfolio comprises 24 high street commercial properties in top locations in B-cities across Germany, a specialty shopping center in northern Germany with long-term leases and anchor tenants such as EDEKA, toom, Expert, dm and Deichmann, as well as two larger micro living properties in Berlin and Frankfurt.
Important features of the portfolio for the investor included a total occupancy rate of around 94% with long-term leases, and good return prospects in the mid-single-digit range over a 10-year period, according to Corestate.