Hamburg Commercial Bank finances acquisition of retail property portfolio for Centerscape
Hamburg, January 29, 2024 - Hamburg Commercial Bank AG (HCOB) is providing Centerscape Deutschland GmbH & Co. KG (“Centerscape”) with acquisition financing for a portfolio totalling EUR 30 million.
The portfolio consists of 15 mainly grocery-anchored retail properties across Germany, characterised by good visibility and accessibility as well as creditworthy tenants (including Edeka, Penny and Rossmann).
“We are delighted to further expand our long-standing relationship with our client Centerscape with this financing. Centerscape has been making long-term investments in high-quality retail properties for more than 16 years and has been very successful in doing so,” said Peter Axmann, Head of Real Estate Clients at Hamburg Commercial Bank. “The development of retail properties with products for everyday needs continues to be positive, values in this segment are stable even in the current market environment and offer stable cash flows”.
About Centerscape Deutschland GmbH & Co. KG:
Since 2007, Centerscape has focused on the continuous expansion of its real estate portfolio and the growth of the company through the acquisition of high-quality retail properties in Germany, Poland and the Czech Republic. A team of 68 dynamic and performance-oriented in-house specialists acquires, manages and develops properties with a portfolio value of approximately EUR 1.5 billion. The portfolio currently comprises 244 properties, 36 of which are located in Berlin and the surrounding area.
The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
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