Benson Elliot acquires German convenience retail assets for €175m

Benson Elliot, a United Kingdom–based private equity real estate fund manager, has acquired a portfolio of three regionally-dominant German convenience retail assets from Brack Capital Properties for €175 million ($199 million).

The portfolio comprises 100,600 square meters (1 million square feet) of lettable space across three properties and more than 3,500 car parking spaces. The centers serve markets outside the cities of Dortmund, Hanover and Rostock, and the properties are long-established and trade area dominant.

The centers are currently 99 percent let on long and seasoned leases. Tenants include occupiers with a high resilience to e-commerce penetration, including leading German grocery chains and DIY operators.

The asset management strategy for the properties will focus on an optimization of lease terms and space usage, as well as an enhancement of the tenant mix.

Brack Capital Properties has retained a minority stake in the transaction. Modu