GPEP Notarizes a portfolio of 50 food retail properties
The purchase is the largest retail deal in Germany so far in 2021
The portfolio consists of 51 medium- to long-term leased properties with a total of 148 rental units and a leasable area of around 144,370 m2 and generates a rental income of over 15 million Euros per year. Just under 90% of the space is let to market-leading food retailers with strong credit ratings. The occupancy rate is around 98 percent.
The parties have agreed not to disclose the purchase price.
"After this renewed transaction with PATRIZIA AG, we are among the most active players in the food retail segment. It demonstrates the unchanged appeal of this risk-resistant asset class for institutional investors looking for investments with an appropriate risk/return profile," explains Herwart Reip, Managing Director of GPEP. "The diversified portfolio with predominantly very good micro-locations and good competitive locations as well as the long lease terms of 8 years on average fulfills the security needs of our investors." adds Marcel Fuhr, managing director of GPEP.