Patrizia acquires 202,000m2 of retail in Germany

German asset manager Patrizia Immobilien has acquired a portfolio of 18 retail outlet stores and supermarkets in Germany from an unnamed property fund.

The portfolio, which comprises 202,000 m2 of space, was purchased for an undisclosed amount.

The properties, operated under the Rewe, Metro, Real, Edeka, Toom and Media Markt brands, are located in the western states of Bavaria, Baden-Württemberg, North Rhine-Westphalia, Lower Saxony, Bremen and Saarland.

'This allows Patrizia to keep building on its position as one of the biggest lessors of retail property in Germany,' said Wolfgang Egger, CEO of Patrizia Immobilien.

The properties have a vacancy rate of 1.7% and an average lease term of over 10 years.

'The world of retail property is undergoing rapid change. To add value to retail property, it’s becoming increasingly important to manage assets proactively, so more and more investors are banking on the support of experts when it comes to their investments,' added Egger.

Patrizia plans to transfer the portfolio to a special property fund, which is used as an investment vehicle by savings banks, insurance companies and pension funds.

Patrizia currently manages €2.4 bn of retail property throughout Europe. In September, it bought a retail business complex in the centre of Copenhagen through its Danish subsidiary and a month later acquired a retail portfolio in the Netherlands.