European real estate investment manager GPT Halverton has acquired a total of 11 neighbourhood retail park assets on behalf of its German Retail Partnership (GRP) fund for a total of EUR 28 mln. The 11 assets were acquired from nine separate vendors and are located across Germany.
European real estate investment manager GPT Halverton has acquired a total of 11 neighbourhood retail park assets on behalf of its German Retail Partnership (GRP) fund for a total of EUR 28 mln. The 11 assets were acquired from nine separate vendors and are located across Germany.
The fund has acquired two fully-let properties with a total 5,100 m2 in North Rhine-Westphalia; four fully-let retail properties with 5,000 m2 of space in Bavaria; three fully-let properties in Rhineland-Palatinate with 5,800 m2 of space as well as two properties in the eastern states of Germany fully let to tenants including Takko, Netto and Fristo.
Following these acquisitions, GRP owns assets of EUR136 mln, with a further EUR 50 mln of purchases currently under due diligence. The fund has a target investment size of EUR 285 mln, and is expected to be fully invested by the first quarter of 2009.
'In line with the fund's strategy, we have acquired these assets as they all have the potential to add short term value through active asset management,' said Matthew Walker, fund director of GRP. 'Given current market conditions, we expect to see more attractively priced opportunities such as these, as many foreign investors in Germany have withdrawn due to the lack of suitably priced debt.'
