Patrizia buys Dutch retail portfolio for €340m
Patrizia Immobilien AG has acquired a premium property portfolio encompassing 145 retail, residential and office assets in the Netherlands in an off-market transaction. The transaction was completed through its subsidiary Patrizia Netherlands. The purchase price was approximately €340 million ($377 million), and the acquisition was carried out on behalf of institutional investors for a recently created special property fund, Patrizia Dutch High Street Retail Fund 1. The acquired portfolio includes 107 retail properties in prime shopping locations in urban centers, 35 residential properties and three office campuses. Around two-thirds of the retail properties are located in the top 20 retail locations in the Netherlands, and 89 percent are located in the top 40 most sought-after retail locations in the country. The main tenants include many well-known international retail chains, among them Adidas, Apple, C&A, Foot Locker, H&M, Vero Moda and Zara.