INTERNOS, has entered into a joint venture with the French real estate SCPI fund manager Paref Gestion to launch Novapierre Allemagne, the first SCPI fund to invest exclusively in German retail park assets.
Open predominantly to retail investors, the Fund has an initial target gross asset value of up to €160 million, including a maximum 40% gearing, and is aiming to generate annual distributions of 6%.
The Fund has a remit to invest in retail park assets located in the west of Germany and with a strong underlying catchment. The parks will typically comprise 4-6 units let to well-known national retailers and which are dominant to the local area.
Commenting on the fund launch, Andrew Thornton, CEO of INTERNOS Global Investors, said: “We believe the relative strength of the German economy has created an opportunity for overseas 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.”
In November 2013, INTERNOS completed the acquisition of Commerz Real’s real estate Spezialfonds platform. INTERNOS currently manages over €1.5 billion of assets in Germany across 11 funds and 4 separate account mandates.