The properties are located in the German cities of Kiel, Krefeld, Flensburg, Gifhorn, Schleswig, Niedersachswerfen, Stralsund, Warendorf and Bocholt. The so-called East-West portfolio is fully leased. Supermarket tenants include Real, Edeka and REWE. The fast-food restaurants are leased to Burger King.
Rowan managing director Nick Jacobs says the gross rents from portfolio are in excess of $12.1 million. The net initial yield will be 6.5%, he says. Senior debt for the acquisition was provided by GMAC; mezzanine debt was provided by Allied Irish Bank.
"The East-West portfolio is destined to form the base of a new Pan-European fund to be run by Rowan," says Jacobs. "We shall be raising equity, most likely in the private high net-worth market in Ireland. We are planning purchases of a further €200-300m in the next few years in Europe."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.