PATRIZIA adds London asset to its pan-European retail portfolio
Flagship retail property in an in-demand district of London.
- Prime two-unit property in Hammersmith acquired for EUR 24.6m
- Fully occupied, offering a stable and long-term income stream
Augsburg/London, 20 August 2018. PATRIZIA Immobilien AG announces that it has acquired a flagship retail property at 49-63 King Street in Hammersmith, London from Alanis Capital for EUR 24.6 million for one of its pan-European retail-focused funds. This latest acquisition, the fund’s first in the UK, follows the fund’s strategy of investing in selected retail sectors.
Andrew Brooksbank, Investment Director at PATRIZIA UK, commented: “This asset offers our clients a stable, long-term income stream and complements the existing portfolio, being in a prime location and offering strong potential for both capital and rental growth.”
The property comprises 5,800 sq m of lettable space, split between two fully occupied units over basement, ground and two upper floors. The two tenants, TK Maxx and Poundland, have a remaining average lease term of 13.6 years. King Street is the prime shopping zone within the Borough of Hammersmith, situated in West London and just 10 minutes from Heathrow Airport.
Fawcett Mead acted on behalf of PATRIZIA and KLM Retail and Cushman & Wakefield on behalf of the vendor.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 30 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 almost 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.
Group Head of Corporate Communications
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