Internos Real Investors LLP, the 1.5 billion owner-managed real estate fund management business, announces that it has secured a new 37.5 million loan facility with Berlin-Hannoversche Hypothekenbank AG on behalf of the German Retail Partnership Fund (GRP) and has subsequently acquired a retail park in Northern Bavaria for GRP, for 8.8 million.
Berlin Hyp has provided a six-year commitment on attractive terms, as the relatively modest leverage required by GRP allows the benefit of the Bank's Pfandbrief funding to be fully reflected in the pricing of the loan.
With the new loan facility in place, Internos intends to increase assets under management in the GRP fund to approximately 200 million by the end of the year. Launched in 2007, the GRP fund is a specific retail vehicle targeting higher yielding German neighborhood shopping centers and retail parks anchored by supermarkets.
The retail park that has been acquired was completed in 2009 and is anchored by an Edeka supermarket with a Norma discounter, a Müller drug store and an AWG fashion store, amongst others. It is the most dominant scheme in its catchment area.
Martin Trodden, Fund Manager of GRP, commented: "Located in Northern Bavaria and with a supermarket as the anchor tenant, the Volkach Fachmarktzentrum is a fantastic addition to the GRP portfolio and the sixtieth acquisition since the fund was launched in 2007. With the new loan facility in place, we are confident of making further similar acquisitions by the end of the year."
Source: Tavistock Communications