Patrizia adds London asset to pan-European retail portfolio
Patrizia Immobilien AG announces that it has acquired a flagship retail property at 49-63 King Street in Hammersmith, London from Alanis Capital for EUR24.6 million for one of its pan-European retail-focused funds.
This latest acquisition, the fund’s first in the UK, follows the fund’s strategy of investing in selected retail sectors.
Andrew Brooksbank, Investment Director at Patrizia UK, says: “This asset offers our clients a stable, long-term income stream and complements the existing portfolio, being in a prime location and offering strong potential for both capital and rental growth.”
The property comprises 5,800 sq m of lettable space, split between two fully occupied units over basement, ground and two upper floors. The two tenants, TK Maxx and Poundland, have a remaining average lease term of 13.6 years. King Street is the prime shopping zone within the Borough of Hammersmith, situated in West London and just 10 minutes from Heathrow Airport.
Fawcett Mead acted on behalf of Patrizia and KLM Retail and Cushman & Wakefield on behalf of the vendor.