Pan-European investment manager Internos Global Investors has purchased a shopping centre in Berlin from a fund managed by LaSalle Investment Management for an undisclosed sum.
The asset, dubbed LIO, is a local shopping centre in Berlin-Lichterfelde, with a total lettable area of around 12,600 m2. It was acquired on behalf of the French SCPI Novapierre Allemagne fund, managed by PAREF Gestion.
Constructed in 2006 and refurbished in 2013, two thirds of the property is retail space, while the rest is occupied by a gym plus 300 parking spaces.
The property is virtually fully let, with major tenants including REWE, ALDI and C&A.
BNP Paribas Real Estate was instructed to market the property. DLA Piper provided legal advice for the purchaser, while Simmons & Simmons acted on behalf of the vendor. CBRE PREUSS VALTEQ advised the purchaser on technical issues.
By the end of 2017, the SCPI Novapierre Allemagne Fund aims to achieve a volume of about €300 mln, to be invested primarily in retail warehouses, retail warehouse centres and small shopping centres. The focus is on properties with a value of €5-€40 mln, preferably with leases having unexpired terms of six to eight years.
