EUROPEAN-focused MAS Real Estate has acquired a portfolio of 20 buildings through a sale and leaseback arrangement from major German food retailer Edeka-Miha."We negotiated for nine months to complete what we feel is a very strong deal for us. Edeka is a very impressive retailer in Germany. I would say it is like a Shoprite, in terms of the kind of goods it sells. We have been through an extremely detailed due diligence, and warded off a huge amount of competition to make this acquisition," MAS CEO Lukas Nakos said.The portfolio comprised 20 buildings operated either as supermarkets or cash and carry outlets. The average lease term is 15 years.The annual rent of the properties, which are situated in northern and central Germany, is €3.8490m, and the properties were expected to deliver an average of 6.5% core income after costs and income tax.MAS has concluded the deal through three wholly owned subsidiaries — Brandenburg Capital, Magdeburg Capital and Leipzig Capital.MAS, which has ...
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