INTERNOS acquires two retail parks in Germany (DE)

INTERNOS Global Investors Limited has acquired two retail parks for a total of €15.9 million in Rottenburg and Moosburg (Bavaria), Germany. The assets were sold by BGP Investment.
The purchases were the first acquisitions for the ‘Novapierre Allemagne’ fund, a joint venture between INTERNOS and PAREF Gestion, that launched in February 2014 and is the first SCPI-structured fund to invest French capital exclusively into German retail parks.
The Fund has a remit to invest in the west of Germany and in micro-locations with strong underlying catchment areas. Acquisitions will typically comprise retail parks with 4-6 units let to well-known national retailers. The Fund is targeting a gross investment volume of over €200 million.
At the Moosburg asset, Kaufland is the anchor tenant secured on a long lease while at Rottenburg the income is secured to Rewe & Lidl, also on long leases.
Commenting on the acquisitions, Guillaume Masset, Head of Benelux and Southern Europe, said: “We believe the relative strength of the German economy has created an opportunity for investors to generate attractive returns from retail parks located in strongly performing regions. Over the next four years, we will use our expertise and track record of investing in Germany’s complex and regionally diverse real estate market to select and manage retail parks fitting the profile of the fund.”
Lefèvre Pelletier & Associés advised Novapierre Allemagne and Reed Smith advised BGP Investment.
Source: INTERNOS