MEAG acquires seven convenience centers Owned by Molento from Trei

Trei Real Estate, an international developer and asset manager for residential and retail real estate, just sold a portfolio of seven convenience centres, which the company manages on behalf of the Molento family office, to MEAG. MEAG will add the properties to an institutional property fund. The properties are located in Bad Camberg (Rhine-Main region), Hanover, Heidelberg, Mainz, Ruhpolding (Upper Bavaria), Weilersbach (Upper Franconia) and Zornheim (Rhine-Main region). All of the properties are let to blue-chip food retailers, including the chains Edeka, Kaufland, Netto and REWE, among others. The weighted average unexpired lease term (WAULT) is over 13 years, while the total leasing area equals around 25,000 square meters. Colliers Deutschland acted as estate agent.

Alexander Briefs, Head of Transactions at Trei, commented: “The current market cycle is defined by rising interest rates, a great deal of uncertainty, and muted transaction activity. I am glad that we managed to bring this deal to its successful conclusion in these challenging times. Not least because the properties are in good hands with MEAG as buyer.”

Magnus von Hagen, Transaction Manager at MEAG, said: “Food-anchored retail park properties remain high on the shopping list of our in-house and third-party clients. No matter whether you have a pandemic or a recession on your hands, people need to eat. Accordingly, we consider this a crisis-resistant investment. Moreover, we have faith in these well-established locations whose catchment areas are characterised by high purchasing power.”

During the transaction, Trei was legally advised by Hengeler Mueller, MEAG by Clifford Chance.