Munich, 4 June 2020 – TA Europe has carried out vendor’s technical due diligence of seven OBI DIY retail stores across Germany, in Augsburg-Stadtbergen, Haiger, Neuss, Pirna, Schwelm, Siegen-Weidenau and Vechta. The portfolio has a total lettable area of around 71,000m².
TA Europe’s technical advisory services to support the sales process included the detailed review of technical data and ensuring required documentation was provided in the virtual data room, site visits and condition surveys and future CAPEX requirement assessments of each property and reporting on this and the planning permit and statutory compliance status to assist the transaction process across the whole portfolio. Additional services included attendance at vendor/purchaser meetings and negotiations, along with close liaison with the property management team throughout.
The sale to Captiva has been reported in the property press, with a purchase price of € 96 million, and took place after several lease extensions for tenant OBI had been concluded.
Hagen Sauer, Senior Associate in Asset Management at PATRIZIA, says: “We are very happy that, together with OBI, we have succeeded in securing their long-term future at each of the locations. While OBI was able to create a sustainable and stable environment for its business, we were able to create added value for our customers through this sale. Once more, TA Europe provided us with reliable support and assistance throughout the sales process, thus greatly facilitating a successful transaction.”
Lawrence Wainwright, Partner at TA Europe, adds: “We are very glad that, once again, PATRIZIA could rely on our technical due diligence expertise and experience in the retail sector for the sale process of this portfolio. We have witnessed how DIY and garden centre stores have experienced a boom in recent months, with stores having customer number peaks with greatly increased demand from many people deciding to improve their homes and gardens in the wake of the COVID-19 ‘stay at home’ lockdown restrictions. It is therefore all the more important that safe and effective operation of the retail buildings is guaranteed, and we are pleased that we could contribute to that requirement and ensure a smooth sales process.”