MAS Real Estate acquires modernised retail building in Gotha, central Germany for 11 634 000 million euros. The property comprises a single building, let to a leading hypermarket brand with over 11 years remaining on the lease. The property, which was extensively modernised in 2013, is located in an established retail area in the western part of Gotha and includes a large retail area with over 400 parking spaces.
MAS believes that this acquisition enhances the overall property portfolio of MAS and the strong tenant covenant fits well with the Company's income strategy. The property is expected to deliver an average of 7.3% core income after costs and gearing.
The current annual rent roll is EUR 990 000 per annum. All conditions precedent in respect of the acquisition have been fulfilled. The purchase price is before associated acquisition expenses. MAS is listed on the Main Board of the JSE and on the Euro MTF Market of the Luxembourg Stock Exchange.
