PATRIZIA acquires 24 Lidl stores in France, Italy and Spain

The roughly 538,000-square-foot portfolio is fully leased to Lidl on consumer-price-linked leases.

By The Deals DeskTuesday, October 20 at 10:05 AM ET

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PATRIZIA has acquired 24 newly developed Lidl stores in France, Italy and Spain, according to IREI, adding roughly 538,000 square feet of food retail space to its European portfolio.
Italy holds the largest block at 10 properties, with eight in Spain and six in France.
All 24 are fully leased to Lidl through its local operating companies on long-term leases linked to consumer price indexes, IREI reported.

PATRIZIA has acquired 24 newly developed Lidl stores in France, Italy and Spain, according to IREI, adding roughly 538,000 square feet of food retail space to its European portfolio.

Italy holds the largest block at 10 properties, with eight in Spain and six in France.

All 24 are fully leased to Lidl through its local operating companies on long-term leases linked to consumer price indexes, IREI reported. That gives PATRIZIA rental income that moves with inflation.

"Food retail continues to offer attractive investment opportunities where the underlying real estate and operator strength support durable income," said Christie Wright, co-head of investment management at PATRIZIA.

PATRIZIA manages about €4.2 billion ($4.9 billion) in retail assets across Europe. The firm said the purchase builds on an existing relationship with Lidl and more than 20 years of investing in European food retail.