Nine properties – Austria (six) and Slovakia (three): Total GLA – 65 894 m2
OBI – a German-owned company that is a global leader in DIY-retail
Accelerate completed its first offshore acquisition in the latter half of 2016. The OBI transaction saw the Fund acquire 9 big-box DIY retail warehouses in Austria and Slovakia, Europe:
- Bruck an der Mur
All nine properties in the portfolio have been leased to OBI DIY for 12 years or more. The portfolio consists of 65 894 m2 of retail space. This is the first transaction in a defined European strategy from Accelerate Property Fund, investing in single-tenant long-term net-leased properties in Central and Eastern Europe. This is a defensive strategy and allows Accelerate to diversify its income across its borders.
The Fund has incorporated new companies with an on-the-ground management team to accommodate more acquisitions into the future.