MAS Real Estate Inc acquisition of investment properties in Germany

Posted On Friday, 01 April 2016 11:14 Published by
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MAS, through its wholly-owned subsidiary, Instrumento Capital S.a.r.l., has concluded a sale and purchase agreement to acquire three freehold buildings (the “properties”) in Germany from KR Real Estate GmbH & Co. KG (the “acquisition”).

Lukas_Nakos_Mas_Real_Estate

Rationale and Salient terms of the acquisition

The purchase price for the acquisition is EUR28 390 000, which is anticipated to be settled out of cash resources.

The properties comprise three cash and carry outlets let to Edeka Handelsgesellschaft Südwest mbH, a leading supermarket brand, with a total lettable area of 21 844 sq mt. including approximately 640 parking spaces and weighted average lease term of over 14 years.

The board of MAS is of the view that this acquisition enhances the overall property portfolio of MAS and the strong tenant covenant fits well with the Company's objective of delivering a growing income distribution. The current annual rent roll of the properties is EUR2 065 758 per annum and the properties are expected to deliver an average of 6.9% core income after costs, gearing and income tax.

Property location Wiesbaden, Germany Sector Retail Rentable area - approx. 5,665 m² sales area; - approx. 5,837 m² ancillary area; and - approx. 313 parking spaces. Weighted average rental per month per m2 8.77 Value attributable to the property EUR17 400 000

Property location Maulburg, Germany Sector Retail Rentable area - approx. 3,215 m² sales area; - approx. 1,768 m² ancillary area; and - approx. 140 parking spaces. Weighted average rental per month per m2 7.36 Value attributable to the property EUR5 050 000

Property location Freudenstadt, Germany Sector Retail Rentable area - approx. 3,200 m² sales area; - approx. 1,235 m² ancillary area; and - approx. 186 parking spaces. Weighted average rental per month per m2 6.58 Value attributable to the property EUR6 250 000

Last modified on Friday, 01 April 2016 11:30

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