PATRIZIA Immobilien AG has bought a retail property at 49-63 King Street in Hammersmith, London from Alanis Capital for €24.6m for one of its pan-European retail-focused funds.
KLM Retail acted as co-agent on behalf of the vendor. Alanis Capital said "Thanks Rupert Guy for superb advice and execution."
The acquisition, the fund’s first in the UK, follows the fund’s strategy of investing in selected retail sectors. Andrew Brooksbank, investment director at PATRIZIA UK, said: “This asset offers our clients a stable, long-term income stream and complements the existing portfolio, being in a prime location and offering strong potential for both capital and rental growth.”
The property comprises 5,800 sq m of lettable space, split between two fully occupied units over basement, ground and two upper floors. The two tenants, TK Maxx and Poundland, have a remaining average lease term of 13.6 years.