Thursday, 22 January 2015
INTERNOS sell remaining assets in the German Retail Partnership (DE)
INTERNOS Global Investors Ltd, the €3.9 bln owner-managed real estate fund management firm, has sold the remaining assets in the German Retail Partnership (GRP), a 55 asset German retail portfolio, to a Fund advised by MAM Advisory S.à r.l., a subsidiary of New York based Marathon Asset Management. The disposal was completed on behalf of the shareholders of German Retail Fundco S.à r.l..
The assets are a combination of neighborhood shopping centers, retail parks and stand-alone supermarkets geographically spread across Germany, with a concentration of 70% in western Germany. The properties are well-let and anchored by strong national retail chains such as REWE, Netto, Norma, Edeka and Penny.
Jos Short, Executive Chairman of INTERNOS Global Investors, said: “INTERNOS took over the Fund and asset management of GRP in December 2009. We are delighted to have achieved a good outcome for our investors. This final portfolio sale marks the end of the Fund and its liquidation.”
The German Retail Partnership (GRP) was launched in December 2007 as a closed-ended Luxembourg ‘fonds commun de placement’ and raised equity commitments from several institutional investor groups including co-investment by The GPT Group.