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ACL Property One SARL buys shopping centre portfolio
7 Jul, 2005, Frankfurt
ACL Property One SARL, advised by Cushman & Wakefield Healey & Baker (C&W/H&B) has acquired its first three specialist shopping centres in Germany. ACL Property One. has its registered office in Luxembourg and is a subsidiary of a London-based company.
For a price of approximately 17 million euros, it acquired a specialist shopping centre with a sales area of 5,200 m² in Bad Staffelstein, Upper Franconia, a neighbourhood shopping centre with a sales area of about 4,300 m² in Schwalmstadt-Treysa, in the Schwalm-Eder district of North Hesse, and a specialist shopping centre with a rentable area of 3,455 m² in Mühldorf am Inn, Upper Bavaria. The vendors were various developers.
"The acquisition of this portfolio confirms the growing interest of international, specifically British, investors in Germany, particularly in retail properties", said Peter Pilz, head of the investment department at C&W/H&B.
"The significant considerations here were an assured long-term cash flow secured by strong retail-store operators and a net initial rate of return of approximately 8%. Given these conditions, even non-central locations are attractive."
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