Proptech-driven Luxembourg-based investor, x+bricks, has acquired 120 grocery-anchored properties across Germany from TLG Immobilien for more than €500 mln.
Marking one of the largest portfolio transactions of grocery-anchored properties in the country, the assets comprise a combined total lettable space of around 290,000 m2.
The properties are spread across Germany with a focus on the metropolitan regions of Berlin/Potsdam (21%), Dresden (19%) and Leipzig (9%). The existing tenants include all major German grocery operators.
'This is one of the largest portfolio transactions of grocery-anchored properties ever executed in Germany. Already today, we are one of the leading investors in grocery-anchored real estate,' said Tom Dänzel, chief transaction officer of x+bricks group.
The company, which uses its proprietary Pata software to analyse properties and potential deals, was founded in 2018 by Sascha Wilhelm, now CEO. x+bricks focuses on the purchase of portfolios and single properties in German cities.
This latest deal increases its property portfolio to around €1 bn with a total of 220 assets.
'Thanks to the outstanding performance of our team, we have compiled a property portfolio of the highest quality in just two years. We will build on this in the future and continue to grow at full speed,' Wilhelm said.
'With our latest acquisition, the proportion of our rental income that we generate with tenants who supply Germany’s population with everyday consumer goods will increase to well over 80%. Our portfolio thus proves to be absolutely robust – even in times of crisis.'
The acquisition agreement is subject to customary and statutory conditions. The transaction is expected to close in the fourth quarter of 2020.
During the transaction, x+bricks was advised and supported by White & Case, Evercore, Drees & Sommer, Görg, Leverton and DocEstate.
