DPGP announces sale of retail portfolio to Captiva Capital Partners III (RO/DE)

Dinu Patriciu Global Properties (DPGP) announces the sale of its South West German retail portfolio to real estate fund Captiva Capital Partners III ELP, which is exclusively managed by Natixis Capital Partners, for over €56 million.

The portfolio comprises 17 well-positioned freehold retail assets, located in main road locations close to various cities across western Germany including Frankfurt, Dusseldorf, Bremen, Nuremberg and Munich.

The portfolio has a diverse mixture of first class tenants. 21% is let to REWE Group, Germany's second largest food retailer. Other tenants include EDEKA, Netto, Tegut, Takko, Wasgau, Rossmann and Tedi.

Ross MacDiarmid, Managing Director of DPGS Frankfurt commented: "As the German property market recovers particularly in the retail sector this presented an opportune time to release some assets to complete a restructuring of our German portfolio. We were not surprised by the high number of offers for this portfolio and is reflective of the short supply of good product in the market.

"The sale is an important step within our restructuring program and Natixis Capital Partners were a good counterparty to work with on this deal."

"The portfolio fits very well into our retail program, which currently has more than €300 million of assets under management or contracted in Germany and which we are planning to grow by at least another €100 million over the next months," says Stephan Fritsch, Principal and Managing Director of Natixis Capital Partners.

"We are continuing to analyze opportunities with sustainable, financeable product such as this portfolio and are also interested to review shopping centers and retail warehouses."

DTZ Frankfurt and Orrick Hölters & Elsing (legal) represented DPGP in the transaction. The purchaser was advised by Trûon lawyers, Drees & Sommer and PricewaterhouseCoopers.

Source: DPGP

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