x+bricks secures €1b German grocery-anchored retail portfolio

Germany's x+bricks Group has inked a deal with the SCP Group to acquire a significant portfolio of grocery-anchored assets previously belonging to German supermarket operator Real, worth more than €1 bn. 

Upon completing the transaction, the gross asset value of x+bricks' portfolio will double to more than €2 bn.

The SCP Group acquired the Real hypermarket chain from Metro Group in February 2020. In 2021, the Real brand ceased trading, with all stores taken over and rebranded as either Edeka, Kaufland or Globus.

Sascha Wilhelm, CEO of x+bricks, said: 'This unique opportunity highlights our growth ambition in the market, underlines our position as one of the leading platforms for grocery-anchored real estate in Germany as well as one of the major consolidators in our sector.

'With this landmark agreement, we will not only be able to double the value of our overall portfolio within only one year, but also achieve the next important milestone on our way to become the leading platform for grocery-anchored properties in Germany.'

The deal includes a portfolio of 34 grocery-anchored properties predominantly located in Western Germany with a total lettable space of around 425,000 m2. Advised by x+bricks, a large part of the properties were successfully repositioned by the SCP Group.

The remaining portfolio will be repositioned upon closing of the transaction. This will result in an outstanding long-term weighted average lease term (WALT) of around 16 years with anchor tenants including Kaufland, Edeka, and Globus. After completion of the acquisitions, x+bricks’ portfolio will increase to more than 240 properties with an overall portfolio WALT of 10.5 years.

x+bricks said it was currently reviewing strategic options to finance the planned acquisition.


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