FRANKFURT, Aug 9 (Reuters) - A Canadian investor has agreed to buy a portfolio of German grocery properties valued at more than 1 billion euros ($1.09 billion), a sale that comes amid a drought of real estate transactions in Europe's largest economy.
The buyer, Slate Asset Management, and the seller, x+bricks Group, on Wednesday announced that the sale of 188 properties would come in two tranches.
Germany, the largest real estate investment market on the European continent, long benefited from an era of cheap money that fed a decade-long boom, but now it is grappling with a major about-face in fortune.
Investment volumes in Germany are back to 2012's levels, according to Jones Lang LaSalle.
($1 = 0.9141 euros)Reporting by Matthias Inverardi; Writing by Tom Sims; Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.
Persons:
Jones Lang LaSalle, Matthias Inverardi, Tom Sims, Rachel More
Organizations:
FRANKFURT, Slate Asset Management, Wednesday, Thomson
Locations:
tranches, Germany