Patrizia AG has sold a portfolio of seven retail properties in Germany to Captiva, a German real estate investment company, for €96m. Comprising 71,000m² of total rental space, the portfolio is fully let to OBI, the European DIY retailer on long leases. The sale follows the completion of several recent lease renewal agreements across the portfolio which has extended the WAULT to 12.9 years. The assets are located in established locations in Vechta, Neuss, Schwelm, Siegen-Weidenau, Haiger, Pirna and Stadtbergen.
Philipp Schaper, Head of Transactions Europe at Patrizia, commented: “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.”