Curzon/IXIS AEW Europe has purchased the Praktiker DIY portfolio from German retailer METRO Group for approximately €480m (£329m).
The 53-property purchase was made on behalf of the European Property Investors LP (EPI) and two prominent French institutional investors.
The portfolio contains 35 stand-alone properties in Germany, including the Praktiker Headquarters offices in Kirkel, 8 locations in Greece and 10 throughout Hungary.
The average triple net lease length of the assets is 11.5 years.
Ric Lewis, Chief Investment Officer and Senior Portfolio Manager of EPI, commented: “This is another example of how the large IXIS AEW Europe platform benefits our clients.
“We were able to work quickly with the discretionary capital from our Fund and two of our long term clients, Caisses des Dépôts and Union Mutualiste de Retraite, to secure this off market deal.”
Rob Reiskin, Managing Director and Head of Investments in London, said: “The German component provides excellent synergy with our sizeable existing retail portfolio.
“We are equally excited by building modest exposures in the high growth economies of Greece and Hungary”
Curzon/IXIS AEW Europe is wholly-owned by Group Caisse d’Epargne, one of Europe’s largest diversified financial services institutions.
References: EGi News 16/01/06
