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RDI selling Hamburg retail asset for €91M

U.K.-based RDI REIT PLC agreed to sell the Bahnhof Center in Hamburg for €91.0 million in line with its strategic decision to exit its German retail portfolio.

The deal reflects a 4.6% net initial yield and a 9.6% premium over the Feb. 28 market value of the 15,000-square-meter retail center in Altona. The property is anchored by Media Markt, and other tenants include Lidl, Apcoa, BHG and Rossmann. The property is financed through a €45.0 million banking facility that is expected to be repaid on completion of the deal.

RDI plans to use the net proceeds to reduce leverage.

The deal with buyer Volksbank eG Braunschweig Wolfsburg is expected to close Dec. 31, subject to certain conditions.