Luxembourg-domicled Mimco Capital has sold a retail asset in Magdeburg as part of a share deal after a successful restructuring of the multi-tenant property.
Financial details were not disclosed.
The Kannenstieg Center, built in 1999 on a plot of around 12,500 m2, is located on Hanns-Eisler-Platz in the capital of Saxony-Anhalt. The rental space of over 5,300 m2 is fully let on a long-term basis. Anchor tenants are Edeka MiHa, Aldi Nord and Rossmann. The centre also has 120 parking spaces.
Mimco purchased the asset in 2017 for the Mercureim EF One Sicav Fiar fund and refurbished the property, increasing rents and acquiring new tenants. According to the vendor, asset management strategies raised the value of the asset by more than 30%.
Bernd von Manteuffel, founder and managing director of Mimco, said: 'We are known for our restructuring expertise and were once again able to fully exploit that here.
'As a result, we have again positioned the Kannenstieg Center excellently on the market. Contact with our tenants is essential for us. Only if you work hard on the property can you leverage its potential and know about the needs of the tenants.
'This increases satisfaction on both sides and ensures that a property remains attractive for all parties in the long term.'
The Mercureim fund was set up in 2017 under Luxembourg law by the founding shareholders Manteuffel and Christophe Nadal together with another French shareholder, primarily for French family offices and institutional investors. The target volume of around €150 mln was achieved in 2019.
Anturas AG acted as a broker. Mimco was advised by K&L Gates.