Patrizia Immobilien AG has acquired a portfolio of 27 retail properties across Germany from Marathon Asset Management for around €100m on behalf of Patrizia Retail Opportunity SCS fund, increasing the portfolio of retail assets Patrizia manages across Europe to around €8.3bn. The portfolio, which comprises around 55,600m² of total lettable space is made up of retail parks and grocery stores and has a 98% focus on properties with food anchor tenants. Current occupancy is high at 99%, with a weighted average lease term (WALT) of 9.2 years with the future potential for rental growth. The tenant structure of the portfolio is dominated by the four largest German food retailer chains – Rewe Group, Edeka-Verbund, Schwarz-Gruppe and Aldi – which provide three-quarters of the rental income.
Daniel Herrmann, Head of Fund Management Retail at Patrizia, commented: “The acquisition of this portfolio, with its potential for sustained income growth, will significantly optimise the risk-return profile of the Fund for the benefit of our clients. At the same time, we are acquiring modern, well-located properties with excellent tenants from the food retail sector and which occupy a dominant position in their respective catchment areas.”
