German property group Patrizia Immobilien has announced the acquisition of a 110,000 m2 portfolio with more than 10 retail properties across Germany for over €200 mln.
The seller is Newport Holding.
'Alter 10 is a top-quality speciality retailer portfolio dominated by the grocery retail trade that only very rarely comes onto the market in this form. That is why we are very pleased to have been able to take advantage of this opportunity,' commented Daniel Hermann, head of fund management retail at Patrizia.
The purchase was carried out for the Patrizia Handels-Invest Deutschland II real estate fund, which already purchased two comparably large portfolios back in 2015 and has now swelled to a total volume of around €750 mln. The fund is now fully invested.
The portfolio consists of five dominant special retail centres, three large consumer markets and two smaller locations with system restaurants. The anchor tenants in the portfolio are all retailers with high credit ratings such as Real, REWE, Kaufland and Edeka. About 85% of the portfolio was completely refurbished, expanded or retenanted before the sale to Patrizia. The average remaining lease term is roughly 12 years.
The sale procedure was managed by Wrangel Real Estate.
Patrizia currently manages €3.2 bn of retail properties throughout Europe.
