Reuters - July 25, 2007
Private British property firm Numisma said on Wednesday it had bought a portfolio of retail properties from German retail group Distributa. A source familiar with the matter said the sale-and-leaseback deal was worth around 450 million euros ($621.5 million).
Numisma -- a joint venture between the offshore family trust of British property entrepreneur Pervaiz Naviede and private wealth manager Stenham Group -- said the deal brought the value of its property holdings to just over 1 billion euros and reflected a net initial yield of 6.5 percent.
The 260,000 square metres (2.8 million square feet) portfolio comprised 17 outlets let to German home improvements retailer Hela, nine supermarkets operated by Rewe subsidiary Accord, five hypermarkets occupied by Kaufland as well as Distributa's head office and main distribution facility.
All four tenants will continue to occupy the properties.
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