German trade and services conglomerate BayWa has completed the previously announced sale of a third property portfolio for around 鈧�60 mln.
German trade and services conglomerate BayWa has completed the previously announced sale of a third property portfolio for around 鈧�60 mln.
The portfolio, comprising 14 properties with a total plot size of around 177,300 m虏, was sold to a company jointly owned by four Bavarian Raiffeisen and cooperative banks, and RMI Immobilien Pfarrkirchen. The deal is subject to approval by the anti-trust authorities.
The consortium won out over international competition in a structured bidding process. 鈥榃e are pleased that a consortium of local investors, which has close ties to the cooperative banking sector and the region, has purchased the property portfolio as a long-term investment,鈥� said BayWa鈥檚 CEO Klaus Josef Lutz.
The properties are branches of DIY chain Bau & Garten, which are rented by BayWa Bau & Gartenm盲rkte, a joint venture of BayWa and the Hellweg Group. The properties also include space rented to supermarkets and specialist retailers. All the properties are located in Bavaria.
The sale completes the property sell-off announced by BayWa last year, which has generated around 鈧�375 mln in total. The funds were used, among other things, to finance the major acquisitions carried out at end-2012.
