Centerscape expands portfolio with four new properties

The Hannover-based local shopping centre developer added to its growing portfolio by buying a further four retail centres, and said its focus this year is more project developments and buying further retail locations with asset management potential.

Founded only six years ago, Centerscape invests in and manages grocery-anchored neighbourhood shopping centres, and now has over 70 properties valued at €280m across most of Germany’s major markets, managing 190,000 sqm of retail space for many of Germany’s biggest grocery and discount retailers.

Its latest investment in the four centres, for which it paid €15m to a foreign seller, consists of three fully-leased retail box properties in Friedberg near Frankfurt, Alsdorf in Hess and Bad Münstereifel in North Rhine Westphalia with a total of 6,400 sqm, with an average lease length left of eight years. The major tenants in the centres are the Tegut and Rewe supermarkets, and discounters Lidl, Penny and Netto. SaarLB provided the financing.

It also took over a new 3,000 sqm retail park in Holdorf, Lower Saxony, from the Vechta-based developer Genos, with tenant Landesparkase zu Oldenburg acting as the financier.

With offices now in Frankfurt and Nuremberg, as well as Hannover, the company said recently it plans to double its portfolio value over the next two years.