ESTAma selling A.T.U. automotive service assets in larger German cities

Asset and property manager ESTAma tells us that it has been appointed as the sales agent for Global Mutual, a European and US real estate investment and asset manager, to sell a number of its well-located, long-let automotive service assets leased to A.T.U. (Auto-Teile-Unger).

ESTAma has just started the first marketing phase in its campaign, which will see it offering the properties for sale individually as well as in portfolios throughout this year. Interested parties should get in touch with ESTAma’s investment team in Frankfurt or London.

Christian Bodtke, the head of Investment Agency at ESTAma, tells REFIRE that the properties are located in medium to large German cities in highly visible locations on arterial roads, highway junctions or established commercial parks. The tenant A.T.U often benefits from complimentary retailers as well as major brand car showrooms. The investment opportunities are underlined by the sites’ excellent third use potential including other car services, fast food, hotels, offices or last mile logistics, says Bodtke.

“The very good locations of the properties paired with the long-term leases to A.T.U - Germany’s market leader in auto repair shops and after sales service - have already proven very popular with local investors in initial conversations and we have already agreed a number of off-market sales in the last few weeks.”

A.T.U. is a familiar sight and recognizable brand in most sizeable German cities, with a high profile as a provider of spare parts, tyres, and as a car repair shop. It has a chequered history of ownership since its foundation in 1985 by Peter Unger. It later belonged to private equity group Doughty Hanson & Co, and after an aborted IPO, was bought by KKR, before being majority-bought by its largest creditor, the US investor Centerbridge, in 2013. It is currently owned mainly by French motor factor Mobivia, with tyre-maker Michelin holding a 20% stake. A.T.U. itself has about 10,000 employees and 558 branches throughout Germany and Austria.

ESTAma has sold more than 550 properties worth more than €2bn on behalf of a number of its clients over the last few years. It currently has assets under management of about €2.8bn, which it manages with about 60 staff from offices in Berlin, Frankfurt, Munich, Hamburg, Wuppertal, Dresden and Langenhagen. Last year it was particularly active in selling several supermarkets let to well-known names like REAL, Lidl, Rewe and Combi.