german

ROTTENBURG AN DER LABER, GERMANY

Issues inherited at takeover of assignment:

  • Former anchor tenant Norma had vacated their premises shortly after the building was constructed in 2005
  • Special termination rights for other tenants if the anchor departs
  • Location probably not viable for a standard supermarket

Successful stabilisation:

  • Created an extension concept for Norma’s former premises so as to make these suitable to a wider range of tenants
  • Agreed a new 10-year lease with Thomas Philips, a clearance discounter, thus reducing vacancy to zero
  • Secured the 3 remaining tenants

Added value:

  • Significant vacancy reduction
  • Increase of WAULT and rent made the asset very favourable for sale
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