22 September 2023
MIMCO Capital completes new acquisition in Bad Salzungen, Germany

MIMCO Capital continues to acquire properties in Germany on behalf of its "Everest One SICAV-RAIF" fund, with a predominantly commercial property in Bad Salzungen, near Erfurt, in the German state of Thuringia.

The town of Bad Salzungen, historically known for its salt production, has a strong focus on health and wellness with various clinics and spas.

The Goethe Park Center, which the Group recently acquired, is immediately accessible via Bad Salzungen's city center or by road. It is also directly connected to the bus and train stations (DB), which are located directly opposite the building. In addition to a large number of retail outlets, there is also storage space and office space on a total usable area of more than 8,100 sq m. Approximately 170 parking spaces complete the asset.

"The occupancy rate of the center is +97% and it is leased to very strong German retailers. The largest occupied area of +2,500 sq m is leased by the supermarket chain Tegut – 280 stores in Germany and 7,200 employees. Other tenants include the retail chain Woolworth, DM and Deichmann, as well as local restaurants and international cell phone companies," explains Bernd von Manteuffel, co-founder and CEO of MIMCO Capital.

The acquisition was completed for more than 17.3 million euros, with an annual rent (excluding VAT) of more than 1.1 million euros.

"Currently occupied by more than 20 tenants, this acquisition offers space that meets the needs of many companies and allows for long-term leasing and ease of re-rental in the event of a tenant leaving. This acquisition reinforces the stability of the "Everest One SICAV-RAIF" fund's assets with a WALT of more than 8 years, while benefiting from a potential increase in value", adds Christophe Nadal, co-founder and CEO of MIMCO Capital.

Thanks to the whole team for this achievement, as well as to our shareholders and partners.

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