Internos GmbH has acquired three neighborhood retail centers for about 17.75 million on behalf of the retail property fund German Retail Partnership Fund I (GRP-1 Fund).
The properties, all built between 2006 and 2010, are located in the western German towns of Rockenhausen in Rhineland-Palatinate, Laubach in Hesse, and Riegelsberg in Saarland, and total 11,500 m² of lettable space.
The three retail centers are leased for an average of a further 14 years to such well-known retail tenants as Rewe, Wasgau, Netto, Rossmann and Lidl.
The GRP-1 Fund, which was set up at the end of 2007, now holds a portfolio of 63 properties with a total asset value of about 178 million, including the latest acquisitions.
Berthold Becker, Head of Asset Management and Managing Director of Internos in Germany, comments: "With these latest acquisitions we were able in every respect to pursue our GRP-1 investment strategy of acquiring low-risk, high-yielding western German retail property assets, and to invest the 32 million of additional available funds arising from the refinancing of a partial portfolio at the end of last year.
"We intend to buy a further asset in this first quarter of 2011 for about 4-6 million, and thus have the fund fully invested."
Source: Targa Communications