PATRIZIA acquires retail park in the north of Berlin
Selective retail strategy focused on high quality, well-located assets
- Circa 20,400 sq m retail park comprising 12 units
- Close to fully let with a strong tenant mix
Augsburg, 29 July 2019. PATRIZIA AG, the global partner for pan-European real estate investment, announces the acquisition of ‘Oranienpark’, a major retail park in Oranienburg, north of Berlin, from Cerberus on behalf of one of its German retail funds.
The asset, comprising circa 20,400 sq m of retail space across 12 units with 1,000 car parking spaces, is the dominant retail park in its location. Oranienpark has an attractive weighted average lease term (WALT) of approximately 10.5 years with anchor tenants including the German hypermarket chain, Kaufland, the consumer electronics chain, Medimax, and Roller, the furniture house.
Daniel Herrmann, Head of Fund Management Retail at PATRIZIA commented: “At PATRIZIA we have adopted a highly selective retail investment strategy focusing on assets, such as this retail park in Oranienburg, which is the major player in the area and generates a stable income stream with strong covenants. Due to its suitable tenant mix, Oranienpark is extremely popular within its catchment and attracts a high level of footfall from the local community.”
The acquisition follows PATRIZIA’s recent acquisition of a portfolio of 19 food anchored retail assets in northern Germany on behalf of one of its funds.
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for more than 35 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages more than EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag
Head of Corporate Communications
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