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MAS Real Estate announces acquisition of German shopping centre

Business

MAS Real Estate has announced the acquisition of Flensburg Galerie shopping centre in Germany.

Malcolm Levy, Executive Director of MAS comments:

“The acquisition of Flensburg Galerie, the main shopping centre in the inner city of Flensburg in Schleswig-Holstein in the North of Germany, adjacent to the Danish border, demonstrates our continued ability to source and acquire highly attractive retail investments in prime locations. The centre has direct access to the prime shopping street “Holm” and houses one of the main car parks serving the City Centre.”

“With a catchment area of 500,000 people within a 45-minute drive, the shopping centre is well-established in a strong retail location with solid anchor and fashion tenants. The asset provides an ideal opportunity for significant value to be unlocked through active asset management and we are excited about the substantial interest already received from a number of potential tenants”.

“The acquisition, which was part our recently disclosed pipeline, is in line with our stated investment strategy of expanding the German portfolio through the selective acquisition of high quality assets where there is the potential to unlock further value. Our growing German platform is well placed to implement a number of asset management initiatives in the short term and will enable us to quickly add to the net operating income at Flensburg through the letting up of vacant space, the re-gearing of various leases and, in the medium term, reconfiguration of parts of the centre.”

Read the full SENS report here: SENS: MAS Real Estate – Acquisition of Investment Property in Flensburg