INTERNOS Global Investors has purchased five retail assets in Germany on behalf of the SCPI NOVAPIERRE Allemagne Fund, which is managed by PAREF Gestion. The vendor, May & Porth Group (Itzehoe/ Lüneburg), was advised on the transaction by its Berlin-based subsidiary Concarus Real Estate Invest GmbH. The purchase price has not been disclosed.
The High 5 Portfolio comprises five retail warehouses with a total lettable area of 16,555 m² and generates annual rental income of around €1.9m. Two of the properties are located in Hamburg and rest of the portfolio in Stade, Gifhorn and Flensburg. The portfolio is 98% let with a weighted average unexpired lease term (WAULT) of nine years. The tenants include Edeka, Aldi, Penny, Rossmann and Media Markt.
JLL brokered the transaction and Curtis, Mallet-Prevost, Colt & Mosle LLP provided legal advice to the purchaser.CBRE PREUSS VALTEQ GmbH carried out the technical due diligence.
The SCPI NOVAPIERRE Allemagne Fund now comprises 35 properties with a total value of around €275m. They principally comprise retail warehouses, retail warehouse centres and small shopping centres. The fund focuses on properties anchored by food retailers with lot sizes between €5-50m and leases with six to eight years remaining.
