PATRIZIA AG, a leading partner for global real assets, has disposed of a portfolio of retail parks located across Western Germany. The portfolio, which has been sold on behalf of clients, comprises 12 established retail assets totalling c. 180,000 sq m. The buyer is MEAG, the asset manager for Munich Re and Ergo.
The portfolio was assembled by PATRIZIA between 2005 and 2012 as part of the Company’s ongoing strategy to invest in food-anchored retail in attractive catchment areas across Europe. Following the implementation of an active asset management strategy, PATRIZIA has regularly invested to ensure these assets are fit for purpose in a dynamic retail market. PATRIZIA has increased the occupancy rate to 97% during holding period with a WALT of 10 years.
Strong tenant covenants anchor the portfolio which has a 45% food retail component and contribute around two thirds of the total rental income, including supermarket chains Kaufland and Edeka, Germany’s largest supermarket group. The properties span seven of Germany’s Western states and an average catchment of over 220,000 residents and have a high average centrality index.
PATRIZIA manages more than EUR 6.5 billion in the retail sector throughout Europe with EUR 3.5 billion invested in the German food retail sector.
Source : Company