Patrizia divests three German retail assets

Patrizia has sold three retail properties located in Rhineland-Palatinate and Bavaria to three different German investors.

Financial details were not disclosed.

The properties comprise a city-centre neighbourhood scheme with the anchor tenant Rewe in Montabaur and two retail parks in Kaufbeuren and Traunreut in South Bavaria.

The asset in Montabaur, a district town in the Westerwald region of Rhineland-Palatinate, is located in the heart of the old town. It comprises a supermarket let on a long-term lease to Rewe as well as a Tedi store on the ground floor and an established gym, a doctor surgery and physiotherapy on the upper floor.

The property is held in a condominium ownership and benefits from direct access to the basement parking garage owned by the City of Montabaur. The property is located directly adjacent to the inner-city quarter on Konrad-Andenauer-Platz which is currently under construction.

The fully let retail park in Kaufbeuren, a city on the north-eastern fringe of the Allgäu region, is located close to the federal road B12 and provides customers a comprehensive offering with existing tenants Rossmann, Takko, Deichmann, McDonald’s, Tedi und Kik a total lettable area of ca. 9,500 m2 which is completed by other retailers like Aldi, Expert and Roller in the vicinity.

The retail park in Traunreut, located 10 km east of the lake Chiemsee, has a total lettable area of ca. 14,000 m2 and is partially held on hereditary building rights. It offers the local buyer both secure income from existing tenants like dm, Deichmann and Intersport as well as value-add potential from re-letting the currently vacant former DIY market.

The seller mandated ESTAma as its sales agent and transaction manager. Prime Management supported as the seller’s long-term asset manager, Gleiss Lutz advised on legals.

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