Demire buys five Karstadt stores for €71mn

27/05/2019

Demire has acquired a portfolio of five Karstadt department stores for a purchase price of around €71mn. The average remaining lease term with Karstadt is 14.4 years. Demire reports that the properties will contribute around €3.1mn per year to FFO I before taxes and minority interests. Transfer of ownership is planned for H2. This purchase raises the company’s portfolio to approx. €1.4bn, with the department stores serving to complement its previously acquired office portfolio. The acquisition involves stores in Offenburg, Goslar, Memmingen, Trier and Celle. TD has learned from market insiders that these properties are from the Steinmetz portfolio, which was acquired by RFR Holding in late 2017.


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