ORLANDO, Fla. -- Meag Munich Ergo Kapitalanlagegesellschaft GmbH has acquired a new position in convenience-store real-estate investment trust National Retail Properties Inc. (NNN), reported Dakota Financial News, citing a recent filing with the U.S. Securities & Exchange Commission (SEC). The hedge fund acquired 143,000 shares of the REIT’s stock, valued at approximately $5.16 million.
Munich-based Meag Munich Ergo Kapitalanlagegesellschaft, an asset management company organized under the laws of the Federal Republic of Germany, owned 0.11% of National Retail Properties as of its most recent SEC filing.
Orlando, Fla.-based National Retail Properties invests primarily in retail properties subject generally to long-term net leases. As of Sept. 30, 2015, the company owned 2,231 properties in 47 states with a gross leasable area of approximately 24.5 million square feet and a weighted average remaining lease term of 11.5 years.
Convenience stores make up nearly 17% of National Retail Properties' retail channels, the largest percentage of any single line of trade.
C-stores include 125 Sunoco properties, 86 Alimentation Couche-Tard/ Kangaroo Express ( The Pantry) properties and 77 7-Eleven properties, as well as many Master Car Wash, Camping World, LA Fitness, SunTrust, AMC Theatre, Chuck E. Cheese's, BJ's Wholesale Club, Frisch's Restaurant, Gander Mountain and Bell American (Taco Bell) properties.
Sam Susser, former president and CEO of Corpus Christi-Texas-based Susser Holdings Corp., which operated the Stripes convenience-store chain, joined the board of directors of National Retail Properties in November.
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