Image: pixabay
Ticker

PATRIZIA acquires EUR 100m portfolio of 27 German retail properties

PATRIZIA Immobilien AG, the global partner for pan-European real estate investment, has acquired a portfolio of 27 retail properties across Germany from Marathon Asset Management for around EUR 100 million on behalf of PATRIZIA Retail Opportunity SCS fund, increasing the portfolio of retail assets PATRIZIA manages across Europe to around EUR 8.3bn.

The portfolio, which comprises around 55,600 sq m 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 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.

PATRIZIA Retail Opportunity SCS SICAV-FIS, a Luxembourg special fund launched in 2016, targets core and core-plus retail properties with stable income distribution yields. PATRIZIA is an experienced manager of retail assets in Germany and, with a national portfolio of EUR 5.1bn assets under management, is one of the largest and most active retail investors and one of the most important landlords on the German market. PATRIZIA is also Europe’s largest investor in supermarkets, having invested EUR 638m in the 24 months up to the end of 2018.

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.”

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

A new ambition for Better Places 2030, Unibail-Rodamco-Westfield’s CSR strategy

Better Places 2030 was launched in 2016 and its main objective was to reduce the Group’s carbon emissions by -50% by 2030.

CACI research reveals brands need physical stores to drive online sales

Whilst debate continues about the future of the High Street, research by CACI has revealed the negative impact of closing stores on brands’ online businesses.

First phase of Wembley Park market launches with eclectic brand mix

The brand mix puts emphasis on local makers and eco-friendly retail.

Hyprop’s the Mall of Sofia 12000 sq m extension complete

Hystead Limited, which is 60% owned by Hyprop Limited, has successfully completed the 12 000 sq m extension to the Mall of Sofia, Bulgaria.

Designer Outlet Zaragoza appoints Rossy de Palma as brand ambassador

Rossy de Palma, the iconic Spanish actress, is ambassador of the Designer Outlet Zaragoza, the new shopping destination in the North of Spain.

NEINVER reports 8% sales growth across its outlet portfolio in H1 2019

Neinver – a leading investor, developer and operator in the European outlet centre industry and the largest operator in Spain and Poland – has announced that sales across its outlet portfolio grew to €487M during the first half of the year, an 8% increase compared to the same period in 2018. The number of visitors to the 16-outlet-centre portfolio also rose by 3% to 21 million.