Retail Properties Investment Trust has sold the Gravity portfolio of 68 retail properties in Germany.The buyer is a holding company led by U.S.-based Castlelake.
RPIT is a venture of U.K.-based Marcol Group and New York City–based investment manager Marathon Asset Management.This transaction is part of a larger €300 million ($318 million) sale program of Marcol’s remaining German retail holdings.
Germany is seen as a safe haven for global capital, according to CBRE. Demand for real estate is on the rise, giving reason to expect further high transaction volume in 2017. CBRE concludes the German retail market has been characterized by unwavering strong demand and a decreasing availability of product. As a result, investor focus is shifting increasingly to alternative investment opportunities.
Germany’s 2016 overall transaction volume of €52.9 billion ($56.13 billion) was 4 percent lower than 2015’s record-setting investment volume of €55.1 billion ($