Patrizia Immobilien has acquired a 21-asset retail property portfolio focused around western Germany for €250 mln.
Patrizia Immobilien has acquired a 21-asset retail property portfolio focused around western Germany for €250 mln.
The portfolio comprises 180,000 m2 spread across 21 specialist markets, supermarkets and DIY stores occupied by retailers Rewe, Edeka, Kaufland and Bauhaus. The outlets are located in strong economic areas, with a major share of the properties located in western Germany. Most of the assets are situated in the states of Bavaria, Lower Saxony and Schleswig-Holstein.
The portfolio is being added to a special property fund called Patrizia Handels-Invest Deutschland II, which was set up recently.
The deal comes less than a month after a similar transaction in which Patrizia picked up 18 retail outlet stores and supermarkets in Germany. That 200,000 m2 portfolio was also centred around western Germany.
'Patrizia now manages retail property worth more than €2.6 bn throughout Europe, making it one of the biggest landlords of retail property in Germany,”' said Patrizia CEO Wolfgang Egger.
