Acquisition of shopping centre in Germany


 

TIDMCRF 
 
RNS Number : 8259U 
Ciref PLC 
30 June 2009 
 

CIREF Plc 
 
 
 
 
ACQUISITION OF A SHOPPING CENTRE IN GERMANY 
 
 
 
 
 
 
Ciref Plc ("Ciref") the property investment and development company, today 
announces that it has acquired a newly built shopping centre located on a main 
road in the inner city of Bremen, Germany. The acquisition was made indirectly 
via Ciref Europe Limited's wholly owned subsidiary, Ciref Portfolio 1 Ltd & Co 
KG. 
 
 
The shopping centre was completed in October 2008 and is fully let. The anchor 
tenant is an Aldi supermarket and several other multi-national tenants, all on 
10 year leases, accounting for over 60% of the total rental income. The property 
was acquired for a total consideration of EUR7.7m, of which EUR5.1m has been funded 
through senior debt (provided by a local German bank), and the balance by vendor 
finance and equity. 
 
 
This property was acquired at an initial yield of 8% with a leveraged return of 
11%. 
 
 
The acquisition demonstrates Ciref's ability to take advantage of opportunities 
available as a result of the current economic climate, by buying quality assets 
at reduced prices. The acquisition is also in line with Ciref's objective of 
increasing its European portfolio, and in particular expanding its presence in 
the German retail market. 
 
 
Enquiries 
 
 
+------------------------------------+------------------------------------+ 
| Ciref Plc                          | +27(0)21 683 3829                  | 
| Gavin Tipper - Chairman            |                                    | 
|                                    |                                    | 
+------------------------------------+------------------------------------+ 
| Singer Capital Markets             | +44(0)203 205 7500                 | 
| Nicholas How / Richard Savage      |                                    | 
+------------------------------------+------------------------------------+ 
| Powerscourt                        | +44(0)207 250 1446                 | 
| Elizabeth Rous                     |                                    | 
+------------------------------------+------------------------------------+ 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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