Squire Sanders has advised PATRIZIA Immobilien AG on the acquisition of a portfolio of 86 German retail properties for institutional investors, in a deal worth €178 million. The properties have been 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. L.
The retail property portfolio comprises 86 specialist outlets and supermarkets at attractive, established retail locations with around 133,000 sq metres available to rent and generates an annual net basic rent of approximately €16 million. Most of the properties are located in Baden-Württemberg, Bavaria, Hesse, Lower Saxony and North Rhine-Westphalia.
The Squire Sanders team advising PATRIZIA on the acquisition was led by Berlin partner Christian Bleschke (Real Estate/Tax), assisted by Michael Langer (Real Estate), Siegfried Etzkorn (Public Construction), Alexander Wolff (Real Estate), Navid Anderson (Corporate). Brussels partner Oliver Geiß provided Antitrust advice.