MARCOL sells 68-property grocery-anchored retail portfolio in Germany
8 May 2017
Retail Property Investment Trust (RPIT), a MARCOL company, has recently sold Project Gravity, compromising of 68 grocery-anchored retail properties in Germany, including the renowned Dessau Centre, Franzstraße 85, 06842 Dessau-Roßlau, Germany.
This transaction forms part of a larger €300m disposal of MARCOL’s remaining German retail holdings.
The portfolio venture was established in 2005, and when the recession hit in 2007 – 2012, the focus was on action asset management. In total, RPIT refurbished more than 30 properties and regenerated more than 300 leases.
Of the total portfolio of 150 assets, 50 were sold in 2012 and a further 15 assets were sold in 2016.
The remaining handful of properties are being sold currently, thus realising MARCOL’s involvement in the German retail property market after a venture spanning nearly 12 years. The venture is between London’s MARCOL and New York based investment manager, Marathon Asset Management, L.P. (Marathon).