The retail sector accounted for the majority of portfolio sales in Germany, Spain and France during 2011, according to new research from real estate adviser Savills.

In the first three quarters of the year, 40% of all portfolio sales in Germany involved retail stock. Six of the 10 largest portfolio transactions in the German market this year have been in the retail sector, including Cerebus Capital Management’s purchase of 44 Metro cash and carry markets and one logistics centre in Germany for EUR 700 mln.

In Spain the retail sector accounted for a massive 78% of all real estate portfolio sales in the nine-month period to end-September. The dominance of retail in the country was boosted further by the sale of four portfolios of bank branches by BBVA, Sabadell and Caja Madrid.

Retail stock has also pushed portfolio sales in France where the focus has mostly been on small retail units, according to Savills. The retail sector accounted for 61% of all French transactions recorded by the firm.

The Savills report notes that investors have predominantly opted for retail portfolios in the belief they represent a safe investment.