Benson Elliot, the UK-based private equity real estate fund manager, has acquired a portfolio of three German convenience retail assets from Brack Capital Properties for €175m (£156m).
The seller has retained a minority stake in the transaction.
The portfolio comprises 1.1m sq ft of lettable space across three properties.
The centres serve markets outside the cities of Dortmund, Hanover and Rostock, which are long-established and trade area dominant. They are 99% let on long and seasoned leases. Tenants include occupiers with a high resilience to e-commerce penetration, including German grocery chains and DIY operators.
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