PATRIZIA Immobilien has acquired a retail property at 49-63 King Street in Hammersmith from Alanis Capital for €24.6m for one of its pan-European retail-focused funds.
This latest 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, commented: “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.
King Street is Hammersmith town centre’s main shopping area, and the property is opposite the entrance to Kings Mall.