EUROPE - Invesco Real Estate and Ciloger have acquired 10 newly built retail assets in Germany for €218m on behalf of seven French institutional investors.
The 100,000 square metre portfolio was bought for a club of investors comprising three life companies, three pension funds and one mutual fund.
They are all clients of Ciloger, the French société de gestion de portefeuille, which has entered into a partnership with Invesco to offer German real estate investment products to French investors.
Paul Joubert, head of European transactions at Invesco Real Estate, said: "The acquisition of this high-quality, off-market portfolio clearly illustrates the benefit French investors receive from our partnership with Ciloger."
Laurent Flechet, director president at Ciloger, added: "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 market."
All the assets are high-quality properties in established locations in Germany, with stable or strong economic and demographic outlooks.
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 strong 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.
Invesco identified the portfolio as offering a good combination of newly built assets, highly diversified anchor tenants, long-term leases and good covenants in established West German locations.