RDI REIT said it has completed the sale of its Leopard Portfolio of German retail properties to Patrizia Immobilien for a total of â¬205m.

The sale price reflects a 10.8% premium to book value, the company said.

Proceeds would be applied to new investments with lower debt levels, it added.

"We remain firm in our commitment to ensuring that the RDI portfolio is in the very best shape to deliver reliable and superior income returns, underpinned by a strong balance sheet and capital structure," chief executive Mike Watters said.

"While Germany remains a strategically important market for us, this opportunistic disposal not only allows us to benefit from a highly attractive premium, but also to further reduce leverage and recycle proceeds into identified income enhancing investment opportunities."