Dutch property group Rodamco Europe has acquired the Zeilgalerie shopping centre in Frankfurt for €48m (NLG105.8m), representing a net initial yield of 7.5%. The 11,000m2 site is situated in Frankfurt’s prime retail pitch, the Zeil, and includes cafes, restaurants, fashion stores and a cinema. Among the tenants of the shopping centre are H&M, Marche/Movenpick, Benetton and Jean Pascale.
The acquisition is in line with Rodamco’s strategy to focus on prime retail projects and it brings the value of the company’s retail portfolio in Germany to more than €20m (NLG44.1m).
Rodamco Europe’s director Willem Ledeboer said: “We are happy that, despite intense competition in the German property market, we have been able to acquire this prime retail object on one of Germany’s most frequented high streets. This investment represents an attractive opportunity to expand Rodamco Europe’s retail portfolio in Germany.”
