Düsseldorf-based property company WGF has sold 21 retail and specialist stores valued at around EUR 65 mln to the property fund Captiva Capital Partners III ELP, which is managed by Natixis Capital Partners.

The properties, which total 43,500 m2 of rental space, were constructed between 2008 and 2011 and are located at commercial sites in the German states of North Rhine-Westphalia, Lower Saxony, Hessen and Bavaria. All properties are rented and have remaining lease periods of more than 10 years. Leaseholders include Edeka, Rewe, Lidl and Penny.

WGF has put the assets in the portfolio since the beginning of 2010 as part of the WGF RealWertPlus programme.

The transaction was carried out as a share deal in which three WGF property companies were sold to Captiva Capital Partners. Engel & Völkers Commercial brokered the deal. Hogan Lovells advised WGF on the structure of the agreement. The buyer was advised by the legal firm Trûon Rechtsanwälte, as well as Arcadis and PricewaterhouseCoopers.

WGF specialises in the development and repositioning of real estate and manages 148,600 m2 of assets.

Natixis Capital Partners (NCP) is a property investment manager jointly owned by its management and Natixis, a listed French banking group.