Deutsche Land has acquired a portfolio of 16 retail properties in Germany for EUR 69 mln, reflecting a net initial yield of 6.4%. The London-listed property investment company said that the portfolio was acquired with financing in place which gives a return on equity of 8.4%. The properties are situated mainly in Bavaria and Rhineland Palatinate, Germany, and all have strong anchor tenants, high occupancy of about 94% and an average lease lengths of 10.8 years. 'This acquisition of an excellent portfolio of retail properties with a robust yield fits precisely with the company's strategy of acquiring established, food-led retail centres with strong covenants', CEO David Maxwell said.
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