GPEP buys 49 grocery stores for Spezialfonds

15/12/2017

GPEP, as portfolio manager for a Spezialfonds issued by Universal Investment, has purchased a mixed asset portfolio with 49 properties comprising around 200 rental units. 90% of the properties’ approx. 175,000 sqm is being used for retail, with the remaining 10% used for office, warehouse, and residential space. About 60% of the properties are located in western German states, and the rest in eastern states including Berlin. Core areas are Bavaria, Berlin, Lower Saxony and North Rhine-Westphalia. The tenancy rate is 95%, the average remaining term is 6.4 years. Tenants are primarily grocery retailers. According to an entry at the Federal Cartel Office, the seller must be Britain’s William Pears Group. GSK Stockmann advised GPEP in legal matters for this combined asset and share deal. Goodwin Procter advised the seller.


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