PATRIZIA sells German DIY portfolio for EUR96m
PATRIZIA AG has sold a portfolio of seven retail properties in Germany to Captiva, a German real estate investment company, for EUR96 million.
Comprising 71,000 sq m of total rental space, the portfolio is fully let to OBI, the European DIY retailer on long leases. The sale follows the completion of several recent lease renewal agreements across the portfolio which has extended the WAULT to 12.9 years. The assets are located in established locations in Vechta, Neuss, Schwelm, Siegen-Weidenau, Haiger, Pirna and Stadtbergen.
Philipp Schaper, Head of Transactions Europe at PATRIZIA, says: “We were pleased to work with OBI to secure their long-term future in each of these locations. This helped them create a sustainable and stable environment for their business and, in turn, this sale has created value for our client.”
PATRIZIA manages more than EUR7 billion in the retail sector throughout Europe with the majority invested in Germany.
PATRIZIA was advised by Ernst & Young, Berlin, as legal advisor and JLL as broker.