German retail specialist Global Property Executive Partners has acquired 14 shopping centres and a supermarket in a joint venture with Universal-Investment.
German retail specialist Global Property Executive Partners has acquired 14 shopping centres and a supermarket in a joint venture with Universal-Investment.
Financial details were not disclosed.
The 15 properties across Germany were sold by Marktkauf Holding, an affiliated company of supermarket giant Edeka-Zentrale. They comprise one Edeka store and 14 discount retail centres anchored in a Netto store.
The assets will be added to a spezialfonds portfolio that already holds 12 Netto discount markets.
All the outlets have recently been comprehensively modernised by Edeka-Gruppe and have a remaining lease term of 15 years. The locations are spread across the country, with 10 properties situated in Bavaria, Lower Saxony and Saxony.
The JV has also acquired three retail properties in Berlin, Halle and Arnstof with a total rental space of 3,200 m2, anchored in a Netto Marken-Discount store.
Jochen Friedrich, managing director of GPEP, said: ‘As conservative investments, these types of modernised properties fetch excellent rents over a long-term horizon and provide a stable cash flow.’
