Patrizia has sold 68 food anchored retail assets in Germany to a fund managed by GPEP, reportedly for €230m.

Patrizia, which announced the 122,000sqm portfolio deal without disclosing the price, said the assets are anchored by German food retailers such as Edeka, Lidl, Netto, Penny and Rewe.

Daniel Herrmann, head of fund management retail at Patrizia, said: “As one of the first institutional movers into the food retail sector, we are well placed to capitalise on the growing investor focus on the German market.

“This transaction is our first large scale disposal in the segment of supermarkets and discounters. We are pleased that growing numbers of German and international institutions see grocery assets as a key element in their investment strategy.”

Patrizia manages more than €7bn in the retail sector throughout Europe with the majority invested in the German food retail sector.