Real asset manager Patrizia has acquired a portfolio of 24 newly developed Lidl food stores across Southern Europe for an undisclosed sum, expanding its €4.2bn European retail platform.
The 50,000sqm portfolio, fully let to the German discount retailer on long-term, CPI-indexed leases, comprises ten assets in Italy, eight in Spain and six in France.
Christie Wright, co-head of investment management at Patrizia, said: “Food retail continues to offer attractive investment opportunities where the underlying real estate and operator strength support durable income. The sector also benefits from long-term structural trends, including urbanisation and the need for well-located essential retail.
“This portfolio is a strong fit for our strategy, with high-quality assets across three important European markets. It also builds on Patrizia’s long-standing expertise in the sector and further strengthens our European food retail platform.”
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