German asset management firm Deutsche Immobilienwirtschaftsgesellschaft (DIWG) has purchased a portfolio of ten retail properties in Germany from Cataylst Capital in partnership with an international investment fund.
The price was not disclosed, but is understood to be in the middle, double digit range.
The portfolio, dubbed 'Prim', comprises around 30,000 m2 of grocery retail let to tenants including Netto, Norma, Lidl, Edeka and Rossmann.
The assets are located in Bavaria, Baden-Württemberg, Hesse and Rhineland-Palatinate. A specialist hypermarket in Münsingen with around 7,000 m2 of rental space is the largest property in the portfolio, generating more than 20% of the cash flow.
DIWG said it planned to stabilise the tenancy agreements in the short term and ultimately divest the portfolio with single asset sales.
Colliers International advised the vendor.
