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Defama buys “Kolosseum” in Spreewald for 11% initial yield

Deutsche Fachmarkt AG (Defama) has acquired the “Kolosseum Spreewald”, a retail, health and services center in Lübbenau near Cottbus, for approx. €8mn. The property was constructed in 1994 and comprises around 12,000 sqm, 90% of which is currently let. Primary tenants are Rossmann, NKD, KiK, MäcGeiz, Ernsting’s family, a savings bank, the local employment office, and a fitness studio. The municipal library has also rented space, as have medical and law practices. Annual revenues, including from the parking garage, are currently around €900,000. Defama acquired 94% of shares in the special purpose company from a group of private individuals in the share deal. The transaction has increased the annualized net rent for the year to €7.8mn.

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