LONDON-Locally headquartered fund sponsor Rowan Asset Management has acquired seven supermarkets and two fast food restaurants for $175.5 million. The seller was Germany based property investor and asset manager DIAG.

The properties are located in the German cities of Kiel, Krefeld, Flensburg, Gifhorn, Schleswig, Niedersachswerfen, Stralsund, Warendorf and Bocholt. The so-called East-West portfolio is fully leased. Supermarket tenants include Real, Edeka and REWE. The fast-food restaurants are leased to Burger King.

Rowan managing director Nick Jacobs says the gross rents from portfolio are in excess of $12.1 million. The net initial yield will be 6.5%, he says. Senior debt for the acquisition was provided by GMAC; mezzanine debt was provided by Allied Irish Bank.

“The East-West portfolio is destined to form the base of a new Pan-European fund to be run by Rowan,” says Jacobs. “We shall be raising equity, most likely in the private high net-worth market in Ireland. We are planning purchases of a further €200-300m in the next few years in Europe.”

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