M&A Activity • Jul 11, 2013
M&A Activity
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Corporate | 11 July 2013 20:30
PATRIZIA Immobilien AG: PATRIZIA acquires a portfolio of 86 German retail properties for a new co-investment
PATRIZIA Immobilien AG / Key word(s): Contract/Real Estate
11.07.2013 / 20:30
PATRIZIA Immobilien AG: PATRIZIA acquires a portfolio of 86 German retail properties for a new co-investment
Augsburg, July 11, 2013. PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) has today acquired a portfolio of 86 retail properties for institutional investors within a co-investment structure. The purchase price for the properties is around EUR 178 million. PATRIZIA itself is aiming for an equity participation in the final structure.
The retail property portfolio comprises 86 specialist outlets and supermarkets at attractive, established retail locations with around 133,000 sqm available to rent and generates an annual net basic rent of approximately EUR 16 million. The properties are being acquired within the context of a structured bidding process which was won by PATRIZIA and which relates to the insolvency assets of DEIKON GmbH i.I. Most of the properties are located in the highly commercially attractive federal states of Baden-Württemberg, Bavaria, Hesse, Lower Saxony and North Rhine-Westphalia. The vacancy rate is less than 1%. The rental agreements have an average residual term of 7.4 years; negotiations with the principal tenants regarding a contract extension are at an advanced stage. The five largest tenants are Netto (approx. 30% of rent), REWE (14%), EDEKA (10%), PENNY (7%) and Lidl (7%) (December 2012).
This acquisition signals PATRIZIA’s consistent pursuit of its growth path and strategy implementation: PATRIZIA’s co-investment business model is not limited to the residential sector and instead encompasses all other real estate sectors. The investment volume also spans a range of magnitudes.
This investment again emphasizes that alongside its competence in the core retail real estate sector as covered by PATRIZIA GewerbeInvest KAG, PATRIZIA’s purchase of the Tamar Capital Group means it now also serves the value-add sector for retail real estate. The team at the Tamar Capital Group, the investment and asset management company which was acquired in December 2012, has demonstrable longstanding experience in this segment. As a result of this group’s successful integration within the PATRIZIA group, PATRIZIA additionally already manages real estate assets of EUR 300 million with rented space of 250,000 sqm, i.e. in a comparable volume to that of the new portfolio.
The Managing Board
Augsburg, July 11, 2013.
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstraße 26
86150 Augsburg (Germany)
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact
| Investor Relations Margit Miller Tel: +49 821 50910-369 Verena Schopp de Alvarenga Tel: +49 821 50910-351 [email protected] |
Press Andreas Menke Tel: +49 821 50910-655 [email protected] |
End of Corporate News
11.07.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
| Language: | English |
| Company: | PATRIZIA Immobilien AG |
| Fuggerstraße 26 | |
| 86150 Augsburg | |
| Germany | |
| Phone: | +49 (0)821 – 509 10-000 |
| Fax: | +49 (0)821 – 509 10-999 |
| E-mail: | [email protected] |
| Internet: | www.patrizia.ag |
| ISIN: | DE000PAT1AG3 |
| WKN: | PAT1AG |
| Indices: | SDAX |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart |
| End of News | DGAP News-Service |
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| 220907 11.07.2013 |
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