The properties are located in the German cities of Kiel,Krefeld, Flensburg, Gifhorn, Schleswig, Niedersachswerfen,Stralsund, Warendorf and Bocholt. The so-called East-West portfoliois 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 fromportfolio are in excess of $12.1 million. The net initial yieldwill be 6.5%, he says. Senior debt for the acquisition was providedby GMAC; mezzanine debt was provided by Allied Irish Bank.
"The East-West portfolio is destined to form the base of a newPan-European fund to be run by Rowan," says Jacobs. "We shall beraising equity, most likely in the private high net-worth market inIreland. We are planning purchases of a further €200-300m in thenext few years in Europe."
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