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VIB Vermögen AG

02/05/2019 | Press release | Distributed by Public on 02/05/2019 00:27

VIB Vermögen extends tenancy agreements with its largest existing tenant to 2032 ahead of schedule and acquires garden centre in Göppingen

05.02.2019

VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, enjoys its largest tenant's complete confidence. The Dehner Group has prematurely extended the existing tenancy agreements for properties at 15 locations until 2032.

The acquisition of another Dehner garden centre in Göppingen is helping to strengthen the balanced mix of businessesin its portfolio. VIB is thus also further building on its regional presence in Baden-Württemberg. The property will be converted in 2019 in line with the latest garden centre concept and is expected to be handed over at the end of 2019. The investment volume is around EUR 13.5 million. An attractive tenancy agreement with a 20-year term was concluded for the rentable space of 10,170 square metres.

'Thanks to our excellent tenant relationship with our largest existing tenant, we were able to extend a considerable portion of our net rental income until 2032. We are delighted that we managed to acquire another property at the same time and, in doing so, also expanded our portfolio,' says Martin Pfandzelter, Chief Executive Officer of VIB Vermögen AG.