GREA advises on the sale of a shopping center in Eisenach
December 2021
Pullach in Isartal, 02.12.2021: FCR Immobilien AG has acquired a shopping centre in Eisenach, Thuringia, with a gross sales area of around 26,000 m² as part of the continuous expansion of its portfolio.
The fully tenanted property generates an annual net rent of more than €4m. As a result of the acquisition, FCR achieves an annual FFO contribution of around €2.4m. The annual net rent of the existing portfolio now rises to around 28 million euros, the annualised FFO increases to 11.8 million euros. As a result of the acquisition, the market value of FCR's total portfolio has risen to over €400 million for the first time in the company's history. The parties have agreed not to disclose the purchase price.
The anchor tenants in the property are Marktkauf, one of Germany’s largest retail companies and part of the Edeka Group, and B1 Discount Baumarkt, which belongs to toom. toom is one of the leading providers in the German DIY sector and is part of the REWE Group. In total, the shopping center in Eisenach is home to over 40 stores occupied by brands such as Dänisches Bettenlager, Deichmann, Woolworth, TEDi, Ernsting’s family, and Apollo-Optik.
The shopping center, built in 1994 on a site of over 44,000 m² with a good 1,200 parking spaces, consists of two structures connected by a bridge walkway. The local shopping center, which has been well established in the region for many years, is located to the north of the city center of the Wartburg city of Eisenach and has excellent transport links. The large district town of Eisenach with its more than 40,000 inhabitants is the sixth largest municipality in Thuringia.
Falk Raudies, founder and CEO of FCR Immobilien AG: “I am very pleased that with the shopping center in Eisenach we can add another very solid property with a good, stable earnings structure to our existing portfolio. Of course, this also spurs us on for the next few weeks, during which we will continue to work through our acquisition pipeline.”
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