PATRIZIA sells German DIY portfolio for EUR 96 million
- Portfolio comprising 71,000 sq m of retail space across seven assets
- Sale follows completion of asset management plan
- PATRIZIA once again demonstrates experience in retail assets (over EUR 7 bn. AUM in retail)
Augsburg, 2 June 2020. PATRIZIA AG, the global partner for pan-European real estate investment, announces the sale of a portfolio of seven retail properties in Germany to Captiva, a German real estate investment company, for EUR 96 million.
Comprising 71,000 sqm of total rental space, the portfolio is fully let to OBI, the European DIY retailer on long leases. The sale follows the completion of several recent lease renewal agreements across the portfolio which has extended the WAULT to 12.9 years. The assets are located in established locations in Vechta, Neuss, Schwelm, Siegen-Weidenau, Haiger, Pirna and Stadtbergen.
Philipp Schaper, Head of Transactions Europe at PATRIZIA, commented: “We were pleased to work with OBI to secure their long-term future in each of these locations. This helped them create a sustainable and stable environment for their business and, in turn, this sale has created value for our client.”
PATRIZIA manages more than EUR 7 billion in the retail sector throughout Europe with the majority invested in Germany.
PATRIZIA was advised by Ernst & Young, Berlin, as legal advisor and JLL as broker.
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for 36 years. PATRIZIA’s activities include the acquisition, management, repositioning and disposal of residential and commercial real estate through its best-in-class local network in all key markets. As a global partner for pan-European real estate investment, PATRIZIA operates as a trusted and independent business partner of large institutional, (semi-)professional and private investors in all major European countries. PATRIZIA manages more than EUR 45 billion of real estate and infrastructure assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. PATRIZIA is committed to responsible investments and positive social impact. The PATRIZIA Children Foundation has helped over 220,000 children in need worldwide for over 20 years, giving them access to education and greater opportunities to lead better lives. For further information, please visit: www.patrizia.ag
Phone: +49 (0) 821 5 09 10-628