A fund managed by A&M Captiva (formerly Captiva Capital Management) has completed the sale of the Tonic portfolio of German retail assets for over €230 mln.

A fund managed by A&M Captiva (formerly Captiva Capital Management) has completed the sale of the Tonic portfolio of German retail assets for over €230 mln.

The buyer of the bulk of the assets – 18 retail centres, nine supermarkets and nine discount stores as well as two DIY centres – is Spezial AIF Fonds, a fund managed by Universal Investment. The 38 properties are mainly located in small and medium-sized cities in western and southern Germany.

Two other properties which formed part of the portfolio, Halle Center and Elisen Park – both located in northern Germany - were sold to different buyers.

Elisen Park (43,500 m2) in the northeastern city of Greifswald was sold to an investment vehicle managed by Rockspring. Financial details were not disclosed, but Rockspring said it acquired the retail park together with a Real hypermarket in Frankfurt-Oder for a total of €64.5 mln.

The Halle Center (54,000 m2) in Peissen was sold to ARC American Realty Capital in November 2014. Financial details were not disclosed.

A&M Captiva said the disposals formed part of its capital recycling strategy, with the proceeds being used to fund new retail investments in the €100 mln-plus range.

Captiva was advised on the transactions by Savills, Arcadis and URS. Freshfields Bruckhaus Deringer acted on the legal side while PwC provided fiscal advice.

Hamburg-based Captiva Capital Management was taken over by US-based financial services company Alvarez & Marsal in October 2014 and subsequently renamed A&M Captiva.