Düsseldorf – The x+bricks Group has signed a conditional purchase agreement with the SCP Group for 34 grocery-anchored properties in Germany with a total rental area of some 425,000 square metres. The agreement gives x+bricks access to a property pipeline worth more than EUR 1 billion (GAV – gross asset value). The portfolio comprises large parts of the repositioned grocery-anchored holdings of supermarket operator “real”. Most of the properties have already been successfully converted into a high-quality grocery-anchored real estate portfolio by the SCP Group, with advice provided by x+bricks. The rest of the portfolio will have been repositioned by the time the transaction is completed. The portfolio’s anchor tenants include leading German food retailers Kaufland, Edeka and Globus. Further details of the deal were not disclosed.
A CMS team headed by lead partners Daniel Kamke and Philipp Schönnenbeck provided x+bricks with legal advice on the agreement.
CMS Germany
Daniel Kamke, Lead Partner, Restructuring & Corporate
Philipp Schönnenbeck, LL.M., Lead Partner, Real Estate & Public
Christopher Freiherr von Lilien-Waldau, Counsel
Dr Nora Zabel, Senior Associate, both Corporate/M&A
Dr Christoph Grenz, Counsel
Maike Füchtmann, Associate, both Real Estate
Thomas Gerdel, LL.M., Partner
Dr Martin Friedberg, LL.M., Counsel, both Tax
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