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PATRIZIA acquires EUR100 million portfolio of 27 German retail properties

PATRIZIA Immobilien AG has acquired a portfolio of 27 retail properties across Germany from Marathon Asset Management for around EUR 100 million on behalf of PATRIZIA Retail Opportunity SCS fund (the ‘Fund’), increasing the portfolio of retail assets PATRIZIA manages across Europe to around EUR 8.3bn.

The portfolio, which comprises around 55,600 sq m of total lettable space is made up of retail parks and grocery stores and has a 98% focus on properties with food anchor tenants. Current occupancy is high at 99%, with a weighted average lease term (WALT) of 9.2 years with future potential for rental growth.

The tenant structure of the portfolio is dominated by the four largest German food retailer chains – Rewe Group, Edeka-Verbund, Schwarz-Gruppe and Aldi – which provide three quarters of the rental income.

Press release – 08 April 2019