Patrizia Immobilien AG has acquired a portfolio of 21 specialist markets, supermarkets and DIY stores belonging to leading chains such as Rewe, Edeka, Kaufland and Bauhaus with a retail leasing are of over 180,000m² (1.94 million ft²). The majority of the outlets are located in the states of Bavaria, Lower Saxony and Schleswig-Holstein. The buying price was approx. €250m.
The average lease of the newly acquired properties is around seven years. Taking extension clauses into account, these leases are even as long as 16 years. The majority of tenancy agreements are held by trading groups with excellent credit ratings.
The portfolio is being added to a special property fund called Patrizia Handels-Invest Deutschland II, which was recently set up. In December, Patrizia acquired a similar portfolio of 18 retail properties in western Germany for the fund. “Both portfolios are an excellent fit and by pulling the two together they create a variety of synergies. This move offers institutional investors an opportunity to join forces with an experienced partner who is in a position to add value through proactive asset management, opening the door to investment in a highly attractive property segment offering long-term revenues,” states Wolfgang Egger, CEO of Patrizia Immobilien AG. The properties were sold by LaSalle Investment Management.
This acquisition marks the continuation of a series of successful major trade property deals in 2015. In October, Patrizia acquired a premium property portfolio in the Netherlands for €340m through its Netherlands subsidiary. In September, Patrizia acquired a retail complex in Copenhagen city centre through its Danish subsidiary.
