“Salt & Pepper”: Insurance companies buy Patrizia big box stores
According to a filing with the German antitrust authority Bundeskartellamt, a Hahn Group vehicle is about to purchase retail properties from Patrizia. Co-investors are the insurance companies LVM, HUK Coburg and Gothaer. TD has learned from market insiders that the purchase involves the “Salt & Pepper” big box store portfolio with 13 properties and that an purchase agreement was recently signed. The purchase price is said to amount to a multiplier of 18, which would be over €330mn. The retail properties are predominantly located at good locations in cities in western Germany and total over 150,000 sqm of lettable space. It has been reported that Savills was commissioned with the sale process. Savills and Hahn would neither confirm nor deny the reports; Patrizia did not respond to a request. LVM Versicherung has confirmed its involvement in the transaction to TD. The portfolio’s placement on the market was first reported in the real estate newspaper “Immobilien Zeitung”.
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