MAS buys German property for EUR26.2m

MAS Real Estate Inc has completed the acquisition of a portfolio of do-it-yourself (DIY) retail warehouses‚ situated in Germany for €26.2m‚ the company said on Monday.

The properties are situation in Frankenthal‚ Gummersbach and Nordhausen and the acquisition was completed at the end of September 2014.

The properties are let to a leading German retailer on new 15-year leases. The initial net yield on total purchase price is 7.7%‚ the company said.

MAS has its primary listing on the Euro MTF Market of the Luxembourg Stock Exchange and a secondary listing on the Alt-X of the JSE.

At 3.23pm the counter was unchanged at R18 from Friday’s close. The stock reached its highest level of R22 in June this year.