French investment manager Ciloger has spent around EUR 218 mln in the purchase of a portfolio consisting of 10 shopping centres in Western Germany. The purchase comprises EUR 138 mln in cash and EUR 80 mln of debt.
French investment manager Ciloger has spent around EUR 218 mln in the purchase of a portfolio consisting of 10 shopping centres in Western Germany. The purchase comprises EUR 138 mln in cash and EUR 80 mln of debt.
Invesco Real Estate advised Ciloger on the acquisition, which is earmarked for a Ciloger-managed fund representing a partnership of seven institutional investors.
'We are very satisfied with our partnership with Invesco Real Estate which allows us to offer our institutional investors a geographic diversification other than just in the French market,' said Laurent Fléchet, president of the management board of Ciloger.
'This operation, rare for the quality of the portfolio acquired and for having been executed off-market, shows the opportunity that our partnership with Ciloger represents for French investors, giving them access to the European investment platform of Invesco RE,' said Paul Joubert, director of European transactions at Invesco RE.
The properties offer some 99,000 m2 of retail space and are located in major city centres in Western Germany. The rental income is secured through its strong tenant base of 12 national and international players (such as Aldi, C&A, Edeka, Lidl, Metro, Rewe) which represent some 80% of total rents, and have a 14-year fixed lease term.
Ciloger said the deal brings its total investment in 2010 to over EUR 900 mln, EUR 840 mln of which in office and retail assets. Created in 1984, Ciloger manages 24 OPCI and SCPI investment vehicles marketed through the networks of Caisses D'Epargne and Le Groupe La Banque Postale. Its assets under management amount to roughly EUR 2.3 bn.
