London/Limburg – ESTAma announces the sale of the opportunistic retail property portfolio “Project Cart 2” comprising 12 properties to a fund advised by GPEP. Netto, Lidl and dm are the largest tenants of this portfolio with a WALT of ca. 5.5 years and an occupancy rate of 91%. Approximately 56% of the total rent is paid by grocery and drugstore tenants. The assets are located across several German federal states.
Herwart Reip, Manging Director at GPEP explains the rational: “The portfolio exactly met the investment focus of our institutional client and benefits from established retail locations which have hardly been affected by the pandemic. We are delighted to conclude a further successful transaction with the team at ESTAma.”
The seller, a fund advised by the US-based investment manager Marathon Asset Management, exclusively mandated ESTAma as its sales agent and transaction manager. The parties agreed to keep the purchase price confidential.