Patrizia Immobilien AG has acquired a premium value retail property portfolio, thus expanding on its position as a leading European specialist in retail property. The acquired portfolio includes 18 specialist outlets, supermarkets and DIY stores operating under well-known brands such as Rewe, Metro, Real, Edeka, Toom and Media Markt. The total leasable retail area amounts to around 202,000 square metres. The outlets are located in strong economic areas in the western states of Bavaria, Baden-Württemberg, North Rhine-Westphalia, Lower Saxony, Bremen and Saarland. “This allows Patrizia to keep building on its position as one of the biggest lessors of retail property in Germany,” states Wolfgang Egger, CEO of Patrizia Immobilien AG.
The newly acquired properties have an average tenancy agreement of over ten years. Around 70 per cent of rental fees are accounted for by two trading groups with strong credit ratings. At 1.7 per cent, the vacancy rate is extremely low. “The world of retail property is undergoing rapid change. To add value to retail property, it’s becoming increasingly important to manage assets proactively, so more and more investors are banking on the support of experts when it comes to their investments,” states Egger. The portfolio will be transferred to a special property fund, which is used as an investment vehicle by savings banks, insurance companies and pension funds. The seller is a property fund. It has been agreed that the purchase price should remain confidential.
Patrizia now manages retail property throughout Europe with a total value of around € 2.4 billion. In September, Patrizia acquired a retail business complex in the centre of Copenhagen through its Danish subsidiary [we reported]. In October, the company acquired a comprehensive retail portfolio in the Netherlands through its subsidiary Patrizia Netherlands . In February of 2015, Patrizia acquired a retail portfolio spanning 107 supermarkets, discounters and specialist retail centres throughout the whole of Germany [we reported].