The food anchor
A full-range grocer or discounter with ten years to run carries the scheme, and the multiple with it.
Asset classes · Retail
Retail & local convenience
Convenience retail is resilient, classic city-centre retail is not. Between those poles sits the question of whether a retail asset can be sold at a decent price today.
Grocery-anchored retail parks are among the most sought-after assets in the German market. Long leases, indexed rents and operators with solid credit — precisely the profile institutional buyers want.
High-street and department-store space is a different story. What matters there is less the current rent than which use will carry the building in five years: retail on the ground floor, offices, residential or hotel above.
We assess both without sugar-coating and approach the right buyers for each — a specialist fund for the convenience scheme, a developer for the conversion play.
What we look at first
- Anchor tenant, remaining term and renewal options
- Indexation and turnover rent components
- Purchasing power and competition in the catchment
- Parking and delivery access
- Conversion potential on upper floors
Key figures
- Lot size
- EUR 10 – 400m
- Typical buyers
- Specialist funds, family offices, developers
- Pricing basis
- Anchor tenant, term, indexation
- Timeline
- 3 – 6 months
- Special topics
- Turnover rents, change of use
Value drivers
What moves the price here
Indexation
Fully indexed rents are real money in an inflationary environment. Capped review clauses cost price.
Catchment
Purchasing power, population trend and competition within a ten-minute drive say more than the town's headline population.
Upper floors
Where retail no longer works above ground level, planning law decides. A pre-application decision lifts price noticeably.
Process
How a sale runs in this segment
- Step 01
Location analysis
Catchment, purchasing power indices and competition mapped before price talk.
- Step 02
Lease review
Terms, options, non-compete clauses and turnover rent mechanics in detail.
- Step 03
Positioning
Either a stable income asset or a conversion project — rarely both at once.
- Step 04
Buyer approach
Separate tracks for long-term holders and developers, each with its own material.
- Step 05
Negotiation and closing
Focus on funding certainty and how expiring leases are handled in the contract.
From practice
What we see in real deals
An option is not a lease
Buyers value options far below fixed terms. If the anchor intends to extend, get it in writing before you sell.
Model turnover rents honestly
One strong year is not a forecast. We use three-year averages, otherwise the buyer corrects downwards in due diligence.
Conversion needs groundwork
A pre-application decision for residential or office above takes a few months but changes the buyer universe entirely — and usually the price.
Questions
What owners ask us
The points owners raise before a mandate — answered the way we would in a first call.
Are city-centre assets still sellable?
Yes, mostly to developers and with a use concept. Pure retail pricing only works in prime pitches now.
What matters most for retail parks?
Anchor tenant, remaining term and indexation, in that order. Building condition is secondary as long as deliveries work.
How discreet is the process?
Fully off-market on request. During ongoing lease negotiations that is usually the smarter route.
Asset classes
What we cover
We advise on real estate and corporate transactions from EUR 20m across Europe, with a clear focus on the DACH region. Every asset class has its own buyer universe – these are the segments we work in most often.
Thinking about selling in this asset class?
Send us the key figures — you get an honest read on price and buyer universe.