Dawnay Day Treveria, the AIM-listed German property investment company headed up by former Land Securities chief executive Ian Henderson, has bought three portfolios in Germany for €230m (£156m), 7.5% initial yield.
The first portfolio consists of 32 properties: 23 retail warehouses, 8 car showrooms and one shopping centre.
The majority of the retail warehouses are located in the former West Germany and are predominantly concentrated around Frankfurt.
Tenants include Wal Markt and Aldi.
The car showrooms are for a single tenant, Cloppenburg Automobil AG, which operates BMW franchises.
The shopping centre is in the Spandau district of Berlin.
Tenants include Kaufland and Toys R Us.
The second portfolio is made up of four retail properties in Augsburg (Bavaria), Passau (Bavaria), Monchengladbach (North Rhine-Westphalia) and Huckeswagen (North Rhine-Westphalia).
Tenants include Deichmann, DM, Stefanel, Real and Holiday Inn.
The third portfolio comprises three retail warehouses located in Fellbach, Backnang and Freiburg.
Tenants include Media Markt, Mobel Roller and McDonalds.
The group has also bought the main shopping centre on the outskirts of Zahdenick, 50km north of Berlin.
DTR chairman Ian Henderson said: “These acquisitions are significant and typify the type of property transactions we are seeking to complete in the next 12 to 18 months.
“The acquisitions are in line with our strategy, have good investment potential and diversified tenant bases and are part of the €1.3bn (£0.8bn) of further acquisitions referred to in the Admission Document.
“With these acquisitions the portfolio size is now approaching €900m (£614m)”.
DTR listed on the AIM in December 2005 and raised €408.9m (£278m) by way of an offer to institutional investors, together with a €35.5m (£24.2m) direct investment by affiliates of the Dawnay, Day Group.
The Company intends to use the funds raised, together with debt funding, to acquire a property portfolio worth up to approximately €2.3bn (£1.5bn) in the 12 to 18 months following admission.
References: EGi News 01/02/06
