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CMS Hasche Sigle advised MGPA on acquisition of 26 retail properties


Frankfurt – MGPA, a global private equity advisory firm focusing on real estate, has acquired a portfolio comprising 26 retail properties from Develica Deutschland Limited. The properties will be added to the MGPA Europe Fund III, which already acquired 135 ALDI stores back in September 2010.
A team of CMS Hasche Sigle lawyers led by lead partner Heinrich Schirmer provided MGPA with legal advice on all aspects of the transaction, having previously also assisted with the acquisition of the ALDI outlets.
The properties are located primarily in the western part of Germany, mainly in the federal states of Hessen, Baden-Württemberg and Bavaria. The portfolio offers 41,200 square metres (sq m) of lettable space with a total site area of 127,700 sq m. It consists of 21 food retail properties, eleven of which are supermarkets leased to Edeka, Rewe and others, and ten discounters with a typical retail area of 1,000–2,000 sq m each. The remaining five properties are used by DIY, car accessory and fashion retailers.
The portfolio has a 97% occupancy rate with potential for appreciation resulting from renewal of leases and letting to new tenants. Three properties are earmarked for repositioning or extension.
MGPA Europe Fund III was closed in 2008, with equity commitments totalling EUR 841.5 million. It has invested chiefly in office and retail properties in the UK, France, Germany and Poland.

Advisers CMS Hasche Sigle:

Heinrich Schirmer, Real Estate Law (Lead Partner)
Dr Thomas Link, Tax
Johanna Hofmann
Dr Jens Christoph Tilse
Silke Mira Freytag
Nicole Siegl, all Real Estate Law
Beate Engin, Public Law
Stefan Lehr
Cornelia Hoernig, both Competition, Antitrust Law

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