Deutsche Konsum buys Coens Galerie in Grevenbroich
Deutsche Konsum REIT is buying the “Coens-Galerie” shopping mall in Grevenbroich. The center has approx. 12,000 sqm of lettable space and is currently let to retailers including Netto, dm, C&A, Medimax, and CCC Schuhe. Its vacancy rate, however, is 36%. The current leases run another 4.5 years on average, with annual rents totaling €1.1mn. The seller, Gazit Germany Asset Management GmbH, was advised by the NAI Apollo Group partner Immoraum Real Estate. The law firm Mayer Brown advised on legal matters. Deutsche Konsum is investing €28.8mn altogether including in four other individual transactions – a Toom home improvement store in Ritterhude (1,000 sqm), the DLZ Greifswald services center (6,100 sqm), a retail park in Lünen (5,900 sqm) and the Metro Gastro wholesale market in Goslar (4,900 sqm).
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