SHB Gruppe, a property company based near Munich, has acquired a portfolio of 18 retail assets in the German states of Bavaria and Baden-Wurttemberg for EUR 80 mln. SHB said the portfolio, comprises 44,000 m[sup]2[/sup] of gross lettable area, was sold by a well-known development company. Some of the properties are being developed and completion of the last assets is expected in the autumn of 2009. About 90% of the completed properties are already rented by major retail groups Lidl, C& A, ALDI, and REWE on leases of 10-15 years. The annual net rent comes to EUR 6 mln.
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