PATRIZIA Immobilien AG has acquired a property portfolio including 21 outlets in a span of a few weeks.
The trade portfolio, according to PATRIZIA, included the acquisition of markets, supermarkets, and DIY stores that belonged to Rewe, Edeka, Kaufland and Bauhaus. The retail leasing property measures over 180,000 square metres, according to Patrizia's data.
The property was said to be purchased for about 250 million euros or 272.98 million dollars. These outlets are noted to be located in places where there are strong economies and have a major share of properties in Western Germany.
The CEO of PATRIZIA Immobilien AG, Wolfgang Egger, said "Patrizia now manages retail property worth more than 2.6 billion euros throughout Europe, making it one of the biggest landlords of retail property in Germany."
These newly-acquired properties are situated in the states of Bavaria, Lower Saxony and Schleswig-Holstein. They have an average lease of around seven years. However, these leases take as long as 16 years.
Patrizia Immobilien AG also acquired a similar portfolio with 18 retail properties last December 2015, which are also located in Western Germany. Both of the properties were purchased from the seller La Salle Investment Management.
Egger added, "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."
According to Reuters, this newly-acquired portfolio will be another addition to the recently created Patrizia Handels-Invest Deutschland II. The acquisition is a mark that the successful major trade property deals in 2015 will not stop this year. Rather, there will be a greater and better continuation for them.