Investor Guide
2026-10-10 08:41

Ankermieter (anchor tenant): The Rent Can Survive a Closure; the Footfall Cannot

An Ankermieter is the anchor tenant whose store draws the visitors a retail property depends on — in German food retail, usually a supermarket or discounter of one of the four groups holding more than 90% of the market. Its lease carries most of the income and, in a retail park, the footfall that keeps smaller units let, so its covenant, term and freedom to close largely decide the property's value.

What it is

The term is market usage, not law: an anchor's rights and duties come from its lease. German lease law obliges the tenant to pay the agreed rent (§ 535(2) BGB). A tenant prevented from using the premises by a reason in its own person is not released from paying (§ 537(1) BGB). Whether the tenant must also keep the store trading depends on an operating obligation (Betriebspflicht) agreed in the lease. On registration, a buyer steps into the anchor's lease on its existing terms (§§ 566, 578 BGB; Part 7).

Why it matters to investors

The anchor's strength secures the income. EDEKA, the Schwarz Group, REWE and ALDI hold more than 90% of German food retail. A well-located store let to one of them is scarce, because competition law limits their appetite for each other's sites (Part 2). Who signs matters as much as the logo: at EDEKA and REWE, a lease with the group company is a markedly stronger covenant than one with an independent merchant (Part 2). In our experience, a drugstore next to a supermarket and a discounter draws the most visitors to a food-anchored retail park (Part 2).
Anchors also negotiate on their own templates: indexation above a threshold, roof and structure with the landlord, the right to sublet within the group. If one leaves, the landlord has few realistic successors. Competition law can rule out the most natural one, as the tegut decision did at 24 sites for four years (Part 2).
A closure without a default is the quieter risk: rent may keep arriving while the smaller tenants lose their customers. The operating obligation, subletting rights and fixed term — extension options belong to the tenant (Part 12) — deserve as much attention as the rent. Secure income does not fix the price either: the net prime yield for retail parks rose from 3.50% at the end of 2021 to 4.75% in September 2026 (Part 12).

What to check

• The signing entity, any group guarantee and its financial statements.
• The fixed remaining term, counted without the tenant's extension options.
• An operating obligation, subletting and assignment rights, and any special termination rights.
• Competition and exclusivity clauses, which protect the anchor but can narrow re-letting.
• Whether smaller tenants' leases depend on the anchor, and who could replace it under planning and competition law.
Related terms: Wertsicherungsklausel · Großflächiger Einzelhandel · Due Diligence
Sources: BGB §§ 535, 537, 566, 578; Bundeskartellamt and BNP Paribas Real Estate as cited in Parts 2 and 12; Gordon Real Estate Group, "German Prime Retail", Parts 2, 7 and 12. Legal position as of 10 October 2026.
Photo: Annie Spratt / Unsplash
This entry is general information and not legal or tax advice.