Internos Global Investors has bought a retail warehouse centre in Germany for an undisclosed sum.
The pan-European real estate fund manager said it acquired the asset on behalf of the SCPI Novapierre Allemagne Fund, which is managed by PAREF Gestion.
The retail warehouse has a total lettable area of 24,300sqm and generates annual rental income of around €1.9m.
The vendor, made up of several investors, held the property in partial ownership, Internos said.
The property is situated on Voccartstrasse in Herzogenrath and is fully let with a weighted average unexpired lease term of eight years.
Internos said the SCPI Novapierre Allemagne Fund now comprises 37 properties, with a total value of around €300m.