Internos, the pan-European real estate investment manager with €3.5bn of assets under management, acting as transaction and asset manager of the French SCPI Novapierre Allemagne fund (managed by PAREF Gestion), has acquired LIO, a local shopping centre in Berlin-Lichterfelde. The vendor is a fund managed by LaSalle Investment Management. The purchase price has not been disclosed.
The retail property occupies an approximately 13,100 m² site at Lankwitzer Strasse 19, Berlin-Lichterfelde, which was constructed in 2006 and extensively refurbished in 2013. The property has a total lettable area of around 12,600 m², two thirds of which is retail accommodation, while the remainder is occupied by a gym. LIO also has around 300 parking spaces.
The property is virtually fully let, with the major tenants including REWE, Aldi and C&A.
BNP Paribas Real Estate was instructed to market the property. DLA Piper provided legal advice for the purchaser, while Simmons & Simmons acted on behalf of the vendor. CBRE PREUSS VALTEQ advised the purchaser on technical issues.
By the end of 2017, the SCPI Novapierre Allemagne Fund aims to achieve a volume of about €300m, to be invested primarily in retail warehouses, retail warehouse centres and small shopping centres. The focus is on properties with a value between €5m to €40m, preferably with leases having unexpired terms of six to eight years.
