has bought a German retail real estate portfolio from Savills Investment Management for 鈧�320m.
The investment manager bought the assets for a German occupational pension fund separate-account client.
Patrizia bought the 25 properties in the L盲nder region in an off-market deal.
The 183,000sqm portfolio includes all assets from Savills IM鈥檚 German Retail Fund CSGRF, which focused on shopping centres and retail warehouses.
The low-risk, core-plus fund, launched in 2007, has been wound down.
Thomas G眉tle, managing director at Savills IM in Germany, said the sale would allow the company to launch a German retail fund
鈥淲e have closed the fund and repaid investors in the promised timeframe,鈥� he said.
Daniel Herrmann, head of retail fund management at Patrizia, said: 鈥淭he shopping centres and retail parks are located in regions with strong economies and are usually the dominant retail trade destinations in their respective catchment areas.
鈥淭he portfolio has a very attractive return/risk ratio already now. In spite of the usually above-average quality of the real estate and locations, however, we see additional opportunities to add value by means of an active management approach.鈥�
Tenants include Edeka, Rewe, Media Markt, W枚hrl, DM, Deichmann or Toom.
Around 75% of the portfolio鈥檚 value is in Bavaria, Baden-W眉rttemberg and Hamburg.
