The x+bricks Group is investing €500m to buy 120 grocery-anchored properties in Germany from TLG Immobilien.

The acquisition increases the Luxembourg-based grocery-anchored properties investor’s assets to 220 assets.

The acquired portfolio with a total lettable space of around 290,000sqm is 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.

x+bricks, which was established in 2018, said the deal increases the value of its portfolio increases to around €1bn.

Sascha Wilhelm, CEO of x+bricks, 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.”

Tom Dänzel, chief transaction officer of x+bricks, said the latest deal 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.”

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