German REIT Hamborner has acquired a retail asset in the pedestrian area of Langenfeld in Germany from a company of the Sass family. The investment volume of over EUR 17 mln reflects a gross initial yield of 6.6%.

The asset is a former Karstadt and Hertie department store. It was renovated and extended by Iandus Group in 2010 and currently offers 6,300 m2 of space, generating an annual rental income of EUR 1.2 mln. Main tenants include H&M, Intersport, dm, Das Depot and Tom Tailor.

SQM Property Consulting advised on the deal.

The purchase follows on the company's acquisition earlier this year of four assets in Bad Homburg, Regensburg, Brunnthal and Leipzig.

Also in Germany, S&K Gruppe announced the purchase of a retail portfolio in the North Rhine-Westphalia region for a price well below the market value of around EUR 22 mln. The portfolio includes eight assets let to a range of tenants including Rewe, Aldi, Netto, Plus and Carglass.