Promontoria
Promontoria is a property investment company which owns more than 100 retail properties tenanted to Deutsche Woolworth (“DW”). The freehold and long leasehold stores are situated throughout the major towns and cities in Germany and Austria.
Promontoria is unleveraged and its properties were professionally valued on a vacant possession basis in 2008 at over €400 million. Although DW is in administration, full rent continues to be paid and it is anticipated that a new management team will operate the business on a substantially revised basis with a majority of the Promontoria stores. Of the balance, some significant development opportunities are believed to exist.
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