MIMCO Capital finalizes the acquisition of a real estate portfolio in Germany
The MIMCO Capital group is continuing its real estate investments in Germany with the recent acquisition in asset deal of two retail assets in Bitterfeld-Wolfen, Saxony-Anhalt, and Plauen, Saxony, on behalf of its "Everest One SICAV-RAIF" fund.
Located in major economic catchment areas of the cities of Bitterfeld-Wolfen and Plauen, and highly accessible thanks to adequate infrastructure, the real estate portfolio, consisting of 100% retail space, comprises a total usable area of 7.258 sqm.
The first asset is fully leased by one of the leading German hardware discount stores B1 Discount Baumarkt (subsidiary of TOOM Baumarkt, REWE Group) and has a surface area of 4.110 sqm for a lease that continues for a further 4 years with a gross annual rent of € 290.000.
The second retail asset is exclusively leased to Thomas Philipps Sonderposten, which currently operates 250 stores in Germany and sells garden, household, leisure and pet products. The company has a surface area of 3.148 sqm under a 10-year remaining lease for a gross annual rent of € 216.000.
"This property complex enjoys a strategic location in one of the two cities’ main business parks. The historical presence of one of the tenants and the good visibility of these locations are its main assets. In addition, the surrounding area is dynamic and benefits from the presence of well-known national and international brands such as Kaufland, Takko Fashion, Volkswagen and SB-Möbel Boss", notes Bernd von Manteuffel, co-founder and CEO of MIMCO Capital.
This transaction of 6.5 million euros is part of a Core strategy and reinforces the stability of the "Everest One SICAV"’s portfolio with a 7-year WALT.
"This real estate investment is perfectly in line with the investment strategy of our "Everest One SICAV-RAIF" fund and reflects MIMCO Capital's desire to ensure the best balance between secure and immediate rental flows thanks to a 100% occupancy rate and rental reversion potential under the terms of the leases. This new operation has moreover been validated in particular thanks to its resilience in the face of the COVID-19 crisis; despite the situation, 100% of the rents were paid by the existing tenants during this period.", concludes Christophe Nadal, co-founder and CEO of MIMCO Capital.
We would like to thank the entire team for the completion of this transaction.