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."