Peakside and Stoke Park acquire German retail portfolio

Investment managers Peakside Capital Advisors and Stoke Park Capital have teamed up to buy a portfolio of 23 retail properties in Germany, all anchored by grocery stores. 

Boris Schran, managing partner of Peakside

The deal, brokered by GRR Garbe Retail Real Estate on behalf of a large German investor, is valued in the mid-double-digit millions of Euros. 
Peakside made the acquisition through its Peakside Real Estate Fund IV (PREF IV).
The portfolio comprises approx. 46,600 m² of rental space, anchored by strong food-retail tenants in attractive locations. The assets attracted significant market interest due to its strong locations and diversification. The average weighted average lease term (WALT) is over four years.
Boris Schran, managing partner of Peakside, stated: "This acquisition is a good addition to our portfolio. Our Peakside Real Estate Fund IV (PREF IV) remains interested in acquisitions. Our focus is on properties that can experience further value appreciation through active management. Since our PREF IV has discretionary capital commitments, we can also make decisions and implement transactions reliably and quickly."
Andreas Freier, managing director of GRR Garbe Retail, added: "This transaction is a real success from the perspective of all parties: The properties were part of a larger portfolio and have been professionally managed and developed by us over the past few years. As part of an adjustment to our portfolio strategy, we had planned a longer period for the sale of properties that no longer fit our strategy – and were now able to realize this much more quickly together with Peakside. We will now use the resulting funds specifically to take advantage of the current market situation for further acquisitions to optimize our existing portfolio."
Noerr and Cushman & Wakefield provided advisory services to Peakside and Stoke Park on the acquisition, while GRR Garbe Retail received support from BNP Paribas Real Estate GmbH and CMS.