PATRIZIA AG has disposed of a portfolio of retail parks located across western Germany. The portfolio, which has been sold on behalf of clients, comprises 12 established retail assets totaling 180,000 square meters (1.94 million square feet). The buyer is MEAG, the asset manager for Munich Re and Ergo.
The portfolio was assembled by PATRIZIA between 2005 and 2012 as part of the company’s ongoing strategy to invest in food-anchored retail in attractive catchment areas across Europe. Following the implementation of an active asset management strategy, PATRIZIA has regularly invested to ensure these assets are fit for purpose in a dynamic retail market. PATRIZIA has increased the occupancy rate to 97 percent during the holding period with a WALT of 10 years.
Strong tenant covenants anchor the portfolio, which has a 45 percent food retail component that contributes around two-thirds of the total rental income and includes supermarket chains Kaufland and Edeka, Germany’
