Hamburg, 5 July 2022 – HIH Invest Real Estate (“HIH Invest”) just acquired the so-called Oyster Portfolio of three grocery-anchored retail properties from the international investment entity Gold Tree. The transaction took the form of an asset deal on behalf of “Perspektive Einzelhandel: Fokus Nahversorgung,” an open-ended special AIF focusing on grocery retail real estate.
The property in Rödental, a town near Coburg in northern Bavaria, is the Anna-Park convenience centre on Oeslauer Strasse and provides 7,148 square metres of lettable area plus 222 parking spots. It is anchored by a Rewe supermarket, an Aldi discount supermarket and a Rossmann drugstore. The two building envelopes of the Anna-Park retail venue were built in 2016 and 2019, respectively, on a plot measuring 19,904 square metres.
The Kaufland hypermarket on Hildesheimer Strasse in Goslar, a town in Lower Saxony, was constructed on a plot of 15,263 square metres in 2016. Kaufland occupies around 5,500 square metres of floor area, and has a remaining lease term of 14.5 years. The hypermarket comes with a post-checkout area, parts of which are rented to concessionaires by Kaufland.
The three portfolio assets are fully tenant-occupied. The portfolio’s cash flow is secured for the longer term by a WAULT of 10 years. The four biggest tenants—these being Edeka, Rewe, Aldi and Kaufland—account 2/3 for more than half of the total rent revenues. Jens Nagelsmeier, Head of Transaction Management Retail & Healthcare, commented: “The sites are located in three different states and therefore well diversified. At the same time, they share certain characteristics. Built between 2016 and 2019, the properties are virtually as-new while also being in excellent structural and visual condition. They are already well-established within their respective home towns, not least because their location next to main arteries implies convenient transport access.
The “Perspektive Einzelhandel: Fokus Nahversorgung” open-ended institutional fund is still going through its investment period. With the acquisition of the Oyster Portfolio, its fund portfolio now includes 24 assets in a combined value of more than half a billion euros, LudwigArkaden in Ludwigsfelde being the largest property. The fund invests in retail parks and convenience centres, anchored by food retailers in economically stable locations in Germany, each worth between ten to 40 million euros. The annual dividend yield is somewhere between 4.5 and 5.5 percent.
The pre-acquisition legal and tax due diligences on behalf of HIH Invest were conducted by the law firm of Heuking Kühn Lüer Wojtek. Gold Tree was supported by Montano Real Estate as asset and transaction manager and received legal counsel from the Noerr law firm. BNP Paribas Real Estate acted as transaction advisor to the seller.
“The sites are located in three different states and therefore well diversified. At the same time, they share certain characteristics. Built between 2016 and 2019, the properties are virtually as-new while also being in excellent repair. Despite their short time in business, the sites are already well-established in their respective cities, not least because their location next to main arteries implies very convenient transport access.”
Jens Nagelsmeier, Head of Transaction Management Retail & Healthcare HIH Invest Real Estate