Investment firm x+bricks to install solar systems on portfolio properties

Investment company x+bricks and the Hopp Family Office have formed a joint venture that will install solar photovoltaic (PV) systems on the roofs of grocery-anchored properties owned by x+bricks across Germany.

The joint company, called Aurinko, aims to set up 45 solar installations by the end of next year, covering a total roof area of around 200,000 sq m (239,198 sq yd), x+bricks said on Thursday. The electricity generated by the rooftop systems will be used by the tenants of the supermarkets.

The photovoltaic systems will be installed and serviced by renewable energy company Wircon GmbH which is wholly owned by the Hopp family.

The Hopp family holds a majority stake of 75.1% in Aurinko and x+bricks owns the rest.

x+bricks has a portfolio of over 200 properties in Germany worth more than EUR 1.1 billion (USD 2.3bn) and agreed to buy 34 hypermarket stores in July which will double the value of its portfolio. Its tenants include Germany's largest retailers such as Netto, Kaufland, REWE, LIDL, EDEKA and others. The company plans to set up solar systems on the roofs of all suitable properties in its portfolio in the medium term.

(EUR 1 = USD 1.154)

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