Patrizia has bought a portfolio of 19 food-anchored retail assets in northern Germany on behalf of one of its pan-European funds.
Patrizia said it bought the assets from a private Irish vendor for an undisclosed sum.
The fully-let portfolio comprises 54,100sqm of retail space including some 2,300 car parking spaces. The assets are anchored by Rewe Group and Edeka Group.
Daniel Herrmann, head of retail fund management at Patrizia, said: “The strong covenants offered by the portfolio’s occupiers underpin an attractive income return which we aim to improve through actively managing these assets.
“We are confident in the continued strength of the food retail market in Germany, especially assets such as these which are dominant for their locations with high footfall and are defensive against E-commerce retail.”