Art-Invest Real Estate buys a €37.4 million German shopping center from Stenprop.
Stenprop, which plans to become a UK-based multi-tenant industrial property company, said it has sold the Victoria Center in Berlin to the Art-Invest Real Estate fund. The 13,718 m² asset is let to eight tenants.
The disposal price represents the carrying value of Stenprop as of September 30 and reflects a 19.3% premium to the carrying value as of March 31, 2020.
Stenprop said it intended to use the net proceeds from the sale to fund further acquisitions in UK multi-tenancy industrial property.
James Wakelin, Head of Debt and Special Projects at Stenprop, said: “Our second shopping center disposal in Berlin, completed at a 19.3% premium to our March valuation, underscores both the strength of these assets and their attractiveness to the German domestic investor market. as well as our ability to successfully execute our announced asset management initiatives.
“The sale will allow us to continue our multi-tenancy industrial acquisition program in the UK, which has accelerated since the summer with the addition of 790,000 square feet of new multi-tenancy industrial space added to the portfolio. “
The disposal of Victoria Center increases the weighting of Stenprop’s multi-tenant industrial portfolio to 68%.
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