Retail Properties Investment Trust (RPIT), a venture between the UK's Marcol Group and American asset manager Marathon, has sold Project Gravity in Germany to global private investment firm Castlelake for an undisclosed sum.
The Project Gravity portfolio comprises 68 grocery-anchored retail properties located across Germany. Cushman & Wakefield advised RPIT on the sale.
The transaction forms part of a larger €300 mln disposal of Marcol’s remaining German retail holdings.
RPIT was counseled on legal matters by Hogan Lovells (Germany) and Arendt (Luxembourg).
The buyer was advised by Goodwin Procter (Germany) and Ashurst (Luxembourg) and acquisition financing was provided by Credit Suisse AG, London Branch.
