Patrizia takes over German supermarket package from Irish owners
Patrizia has acquired a package of 19 supermarkets totaling roughly 54,100 sqm retail space. The spaces are fully leased with an average remaining lease term of 5.5 years. Three quarters of the rental income comes from Edeka and Rewe, with twelve of the markets leased to Rewe. Most of the properties in the so-called Dune portfolio are located in Northern Germany, many in and around Kiel and Lübeck. The sellers are Irish funds of Custom House Capital Limited. The company had gone broke in 2011 after a case of embezzlement of investors’ money. Patrizia was advised by K&L Gates and TA Europe. Savills represented the seller.
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