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DKR sells 14 retail properties / proceeds from the sale will be used in full to repay financial liabilities
DEUTSCHE KONSUM REIT-AG
(Incorporated in the Federal Republic of Germany)
(Registration number: HRB 13072)
FSE Share Code: A14KRD
JSE Share Code: DKR
ISIN: DE000A14KRD3
LEI: 529900QXC6TDASMCSU89
("DKR" or "the Company")
DEUTSCHE KONSUM REIT-AG SELLS 14 RETAIL PROPERTIES / PROCEEDS FROM
THE SALE WILL BE USED IN FULL TO REPAY FINANCIAL LIABILITIES
Potsdam, 28 March 2024 – The Management Board of DKR today notarised the sale of a sub-
portfolio of 14 properties. The sub-portfolio comprises a total rental area of around 72,000 sqm
at the locations Ludwigslust, Guben (Karl-Marx-Straße), Stendal (Nordwall), Hohenmölsen,
Aschersleben, Tangerhütte, Eisenhüttenstadt (Karl-Marx-Straße), Seebach, Elsterwerda,
Eggesin, Lübz, Lübtheen, Staßfurt (Neundorfer Straße) and Osterfeld.
The sub-portfolio is made up of various property types - from free-standing food discounters
to regionally dominant retail parks, the retail properties form a cross-section of DKR's portfolio.
The properties currently generate an annual rent of EUR 5.5 million with a remaining lease
term of 5.0 years and a vacancy rate of around 6%. The selling price is around 4% below the
IFRS carrying amount at which the Company recognised the properties after the last portfolio
valuation on 30 September 2023. The parties have agreed not to disclose the purchase price.
The transfer of benefits and encumbrances for all properties is expected to take place by June
2024. The buyer is an institutional German real estate investor in the retail segment.
DKR acquired the properties for sale mainly in individual transactions between 2015 and 2022
at an average initial yield of 10% and with an average remaining lease term of 5.7 years. The
vacancy rate at the time of acquisition was around 6%. During the holding period, the
properties generated rental income totalling more than EUR 36 million. On average, DKR has
succeeded in increasing the annual rent of the properties for sale by around 10% over the
holding period since the properties were acquired.
The proceeds from the sale are to be used in full to repay bank liabilities and to partially repay
maturing bonds. This will significantly reduce the LTV ratio by several percentage points.
The Company is currently working on further selected sales, which will be carried out to
streamline the existing real estate portfolio. The resulting liquidity will also be used to optimise
the debt structure.
About Deutsche Konsum
Deutsche Konsum REIT-AG, Broderstorf, is a listed real estate company with a focus on
German retail properties for everyday goods at established micro-locations. The focus of the
Company's activities is on the acquisition, management and development of local supply
properties with the aim of continuous performance and the leveraging of hidden reserves.
The shares of the Company are listed on the Prime Standard of the Deutsche Börse
(ISIN: DE000A14KRD3) and on the JSE (JSE Limited) (South Africa) by way of a secondary
listing.
Contact:
Deutsche Konsum REIT-AG
Mareike Kuliberda
Investor Relations
mk@deutsche-konsum.de
+49 (0) 331 74 00 76 - 533
Potsdam, 28 March 2024
JSE Sponsor
PSG Capital
Date: 28-03-2024 04:00:00
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