Invesco Real Estate and CILOGER invest €218 mln. in German retail portfolio (DE/FR)

Invesco Real Estate, the cross-border property investment manager, and CILOGER, the French société de gestion de portefeuille, are pleased to announce the purchase of 10 newly-built retail assets in major economic areas of Western Germany for approx. €218 million.


The assets are located in Kehl, Mannheim (pictured), Wolfsburg, Heiligenhaus, Büdelsdorf, Idstein, Peine, Soltau, Mühlheim and Hanau.

The properties were purchased on behalf of CILOGER's clients, a club of seven French institutional investors, including three life insurance companies, three pension funds and one mutual fund.

The portfolio of assets, which provide a total area of approx. 100,000 m², consists of 10 high quality properties in established locations with stable or strong economic and demographic outlook. The properties are all fully let to national or international tenants, including grocery and fashion retailers such as Aldi, C&A, Edeka, Kaufland and Lidl, Metro and Rewe, with excellent financial covenants on average lease terms of close to 14 years. The assets are located in the following German towns or cities - Kehl, Mannheim, Wolfsburg, Heiligenhaus, Büdelsdorf, Idstein, Peine, Soltau, Mühlheim and Hanau.

This combination of newly built assets, highly diversified anchor tenants, excellent zoning, long term leases, good covenants and established West German locations make this an excellent investment opportunity within this marketplace for institutional investors.

Paul Joubert, Invesco Real Estate's Head of European Transactions comments: "The acquisition of this high quality, off market portfolio clearly illustrates the benefit that French investors receive from our partnership with Ciloger."

"We are very happy with the partnership we established three years ago with Invesco Real Estate, which allows us to offer our clients, and in particular our institutional clients, with geographic diversification beyond the French marketplace," comments Laurent Flechet, Director President of CILOGER.

Source: Invesco Real Estate

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