Property Funds World - March 15, 2010
Captiva Capital Partners III has acquired two shopping centres via a structured sale and leaseback transaction with Metro.
The centres, Förde Park in Flensburg and the Saarbasar in Saarbrucken, are fully let, flagship retail destinations, hosting a wide variety of specialist stores spread over the combined lettable area of over 85,000 square metres.
They include anchor tenants like Media-Markt, Real, Praktiker, H&M, Aldi and C&A. The centres annually attract over 8.7 milliom visitors.
Metro has signed a long term lease over the entire lettable area on both centres. In addition, it will continue its existing role of centre management.
As part of the yransaction, Captiva has also entered into option agreements with Metro to acquire three additional centres over the next three years. These centres are comparable to Flensburg and Saarbrucken and will also benefit from a long-term master lease with Metro.
Stephan Fritsch, principal at Natixis Capital Partners, which advised Captiva, says: "The centres are well located, established and dominant in their markets. Consumers are attracted by the easy access to a range of international brands, whilst the retail tenants appreciate the attractive rent levels and high footfall. The master lease structure provides Captiva with access to long term, stable income.
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