Fortress Multi Service Centres, Germany
Background and Opportunity
- The Fortress MSC concept is to develop inner city roadside retail and car related services on highly frequented routes where site purchases are committed to when substantially pre-let
- Uses include petrol filling station, car wash, retail, fast food, convenience and bulky goods retail, hotel and self-storage (usually on 10-15 year leases)
- Revcap originally acquired a c. 45% stake in Fortress from another institutional investor
Transaction Progress
- Revcap bought out the institutional partner in 2011 and recapitalised the investment with SHCP III
- Projects have now been built and let in Berlin (3), Bochum, Düsseldorf, Frankfurt, Mönchengladbach, Wiesbaden and Wuppertal for a total of 62,000m² of space
Current Status
- Individual projects have been sold in Berlin, Bochum and Lubeck and a portfolio sale was completed of the remaining mature assets in 2018
- A further project is being promoted in Berlin for an additional 62,000m² of business space
