News releases

Schroder Real Estate announces €51 million retail portfolio purchase in Germany

Schroder Real Estate is today announcing the completion of a further acquisition in Germany on behalf of Immobilien Europa Direkt, an investment group of Zurich Investment Foundation.

08/12/2014

Schroder Real Estate is today announcing the completion of a further acquisition in Germany on behalf of Immobilien Europa Direkt, an investment group of Zurich Investment Foundation.

Immobilien Europa Direkt has committed to acquire a portfolio of three freehold retail properties in Hamburg and Berlin. The €51 million portfolio is dominated by the Tondo Retail Centre anchored by grocery retailer REWE in Hamburg, a 13,000sqm multi-let commercial centre with an average unexpired lease term of 8.5 years and reversionary potential.

The Berlin properties are well-established, fully let retail centres in strong locations in outer Berlin, mainly let to Kaisers, the successful grocery retailer. The assets provide a rental area of 8,500 sqm and are let to a total of 16 tenants with a combined average unexpired lease term of 5.5 years.

Tony Smedley, Head of Continental European Investment at Schroder Real Estate Investment Management, commented:

“We are delighted to announce the purchase of this retail portfolio in Hamburg and Berlin, two strong cities in Germany and a core part of our tactical allocation strategy. Diversifying into relatively defensive, grocery anchored retail assets is entirely consistent with our house view and, like other recent acquisitions, further improves the income performance of Immobilien Europa Direkt.”

Immobilien Europa Direkt, an open ended Euro denominated fund, was launched by Zurich Investment Foundation and has been designed specifically for Swiss pension schemes. Its investment strategy is focused on providing investors with a diversified portfolio of commercial real estate in the main western European markets.

Photographs of all the properties are available.

For further information, please contact:

Estelle Bibby, Senior PR Manager, Schroders

Tel: +44 (0)20 7658 3431 / estelle.bibby@Schroders.com

Tom Zeller, Partner, Feldhoff & Cie. GmbH

Tel: +49 69 26 48 677 15 / tz@feldhoff-cie.de

 

Notes:

Schroder Real Estate Investment Management

Schroders has managed real estate funds since 1971 and currently has £11.5 (€14.8 /US$18.7) billion of gross real estate assets under management as at 30 September 2014.

Most of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction. For further information about Schroders’ real estate business visit www.schroderproperty.com

Schroders plc

Schroders is a global asset management company with £276.2 billion (EUR354.4 billion/$447.7 billion) under management as at 30 September 2014. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.

With one of the largest networks of offices of any dedicated asset management company, we operate from 37 offices in 27 countries across Europe, the Americas, Asia and the Middle East. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business. Further information about Schroders can be found at www.schroders.com.