Fortress Multi Service Centres, Germany


Investment Date
Q1 2006

Exit Date
Partial – Q4 2018

Asset type
Roadside retail

Revcap strategy
Pre-let development

Revcap Fund
Revcap I / SHCP III

Investment Type
JV Equity /
Platform Investment

Background and Opportunity

  • The Fortress MSC concept is to develop inner city roadside retail on highly frequented routes where site purchases are committed to when substantially pre-let
  • Uses include petrol filling stations, 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 entire 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 and Bochum and a portfolio sale was completed of the remaining mature assets in 2018
  • Further projects are under development in Berlin and Lübeck for an additional 29,000m² of space

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