Captiva, a German real estate investment company, has acquired a portfolio of seven retail properties in Germany from pan-European property specialist Patrizia for €96 mln.
Comprising 71,000 m2 of total rental space, the portfolio is fully let to OBI, the European DIY retailer, on long leases.
Philipp Schaper, head of transactions Europe at Patrizia, said: 'We were pleased to work with OBI to secure their long-term future in each of these locations. This helped them create a sustainable and stable environment for their business and, in turn, this sale has created value for our client.'
The sale follows the completion of several recent lease renewal agreements across the portfolio which has extended the weighted average unexpired lease term to 12.9 years, according to Patrizia. The assets are located in established locations in Vechta, Neuss, Schwelm, Siegen-Weidenau, Haiger, Pirna and Stadtbergen.
Patrizia currently manages more than €7 bn in the retail sector throughout Europe with the majority invested in Germany.
