05. December 2019 | 13:57 CET
Alternative to Vonovia & Co? 6% MOREH bond with positive news
The real estate portfolio holder M Objekt Real Estate Holding GmbH & Co. KG, MOREH for short, issued a corporate bond in the summer of 2019 with a fixed interest rate of 6.00% on a semi-annual payment and extensive collateral. The security has a term of five years and is listed on the Munich Stock Exchange and all other German stock exchanges. MOREH is a classic real estate portfolio holder focusing on commercial real estate in western Germany. This means that the company is not affected by the current discussion about rent breaks or rent caps. Instead, MOREH reports rental success and convinces experts.
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ISIN: DE000A1ML7J1 , DE000A2YNRD5
Outlet-Center Wadgassen with record turnover and letting success in Dorsten
For example, the Wadgassen outlet center near Saarbrücken achieved a record turnover in 2019. The more than 20 shops have generated around 20% more turnover in the current year than in 2018. MOREH receives a share of the turnover from the rental of the total 6,550 sqm in addition to a fixed rent. MOREH has also achieved further letting successes. Two catering units in the Dorsten property were let for a further 10 years. The property has 6,000 sqm of letable space and includes retail and office space in addition to gastronomy.
Family-run real estate portfolio holder with diversified portfolio
MOREH is a classic real estate portfolio holder with a focus on commercial real estate in western Germany. The portfolio comprises seven properties with a total usable space of around 48,000 sqm and a market value of around EUR 77 million. The properties - including office and retail properties, a specialty shopping centre and an outlet centre - are broadly diversified across property classes, tenant structures and locations. The occupancy rate is high at over 96%. As part of the Munitor Group, MOREH benefits from decades of experience in the development, purchase and management of commercial real estate. The Munitor Group, based in Saarbrücken, has successfully developed projects with a total value of more than EUR 500 million since it was founded in 1982.
Experts of KFM Deutsche Mittelstand AG convinced
The MOREH bond has convinced the experts at KFM Deutsche Mittelstand AG. From the experts' perspective, MOREH and its parent company have built up a successful long-term track record, created sufficient references in the real estate market and thus achieved above-average fundamental increases in project value. In conjunction with a yield of 6.00% p.a., the experts rated MOREH's bond as "attractive" and awarded it 4 out of a possible 5 stars for issue in the summer. The experts also invested in the MOREH bond with their fund.