German food retail investor X+bricks has acquired a portfolio of 35 grocery stores for an estimated €80 mln.
The assets are located all over Germany and have a total rental area of approximately 47,000 m2. The weighted average lease term is more than eight years, with 90% of the rental income coming from food tenants including Edeka Group, Rewe and Aldi.
Sascha Wilhelm, X+bricks CEO and founder said: 'We successfully completed a large and complex transaction within a very short time, right after our latest capital increase. Our management team has thus repeatedly demonstrated its unique expertise in food retail properties.'
The current transaction brings the number of properties in X+bricks' portfolio to over 100 assets across Germany.
'Thanks to our existing networks, we have excellent market access and will continue to expand our portfolio,' said Tom Dänzel, X+bricks' chief transaction officer.
