European real estate investor Revcap has sold six German retail warehouses leased to wholesale company Metro to Tel-Aviv-based fund manager Mideal Real Estate Funds.
The parties agreed not to disclose the purchase price.
The properties, which are leased long-term, were part of a Revcap core-plus strategy. They are located in Würselen near Aachen, Sankt Augustin near Bonn, Gundelfingen near Freiburg, Koblenz, Regensburg and Korntal, close to Stuttgart and have a combined GLA of 130,000 m2.
Matthias Wilke, partner at Revcap, said: ‘We bought the assets in 2018 for our core-plus strategy. Since then, we have extended leases to beyond 2032 across the entire portfolio. Combined with their excellent placement for retail as well as last-mile logistics in economically strong regions and metropolitan areas, demand from core-oriented investors was strong.’
Raviv Koren, managing partner at Mideal, added: ‘We find this deal as a direct continuation of our strategy to expand our portfolio in Germany and in Western Europe. We see strong demand for the locations the properties are located in, and we are confident about the current and alternative use of the buildings.’
Going forward, Revcap plans to continue to acquire investments for their core-plus and value-add strategies across Germany as well as strategic investments alongside exceptional management teams in differentiated real estate platforms.
