On May 8, 2006 Eurotrade, through a subsidiary, acquired a 10,300 m2 retail center in the town of Meerbusch, Germany. Meerbusch has a population of 55,000 and is located in the western region of Germany, 15km west of Düsseldorf.
Amit Biel, Eurotrade’s Senior Managing Partner, stated : “We feel privileged to have a long-term relationship with a leading home-improvement retailer in Germany.”
The 1998 building is leased to a single tenant, Globus Fachmarkte Gmbh & Co. This company is one of the most important retailers in Germany, with 49 stores and 16,000 employees. Its sales in 2004 were € 3.24 billion. The lease expires in May 2018 and the annual income is € 890,000.
The total investment was € 9,400,000 and HSH-Nordsbank provided us with a senior loan.