The completed deal comprises 71,000sq m of total rental space and the portfolio is fully let to OBI, the European DIY retailer on long leases.
The sale follows the completion of several recent lease renewal agreements across the portfolio which has extended the WAULT (weighted average unexpired lease term) to 12.9 years. The assets are located in established locations in Vechta, Neuss, Schwelm, Siegen-Weidenau, Haiger, Pirna and Stadtbergen.
Philipp Schaper, Head of Transactions Europe at Patrizia, commented: “We were pleased to work with OBI to secure their long-term future in each of these locations. This helped them create a sustainable and stable environment for their business and, in turn, this sale has created value for our client.”
