Retail Property Investment Trust (RPIT), a MARCOL company, sold Project Gravity compromising of 68 grocery-anchored retail properties in Germany, including the renowned Dessau Centre, Franzstraße 85, 06842 Dessau-Roßlau, Germany in May 2016.
This transaction formed part of a larger €300 million disposal of MARCOL’s remaining German retail holdings. The portfolio venture was established in 2005 and was as example of MARCOL’s ability to source and actively manage real estate through the cycle to maintain, protect and enhance value.
Of the total portfolio of 150 assets, 50 were sold in 2012 and a further 15 assets were sold in 2016. The remaining assets were sold in 2017 from the joint venture between MARCOL and New York based investment manager, Marathon Asset Management, L.P. (Marathon), where MARCOL provided hands-on asset management and investment management through the downturn to deliver results. In total, RPIT refurbished more than 30 properties and regenerated more than 300 leases.