European fund manager Internos Global Investors has purchased a retail warehouse centre in Germany, on behalf of the SCPI Novapierre Allemagne Fund, managed by French asset manager Paref Gestion.
The vendor, made up of several investors, held the property in partial ownership. Financial details were not disclosed.
The retail warehouse provides 24,300 m2 of lettable area and generates €1.9 mln in annual rental income. The property is situated in Herzogenrath, North Rhine-Westphalia, and is fully let with a weighted average unexpired lease term (WAULT) of eight years. Tenants include Rewe, Media Markt, Roller and Deichmann.
Following the deal, the SCPI Novapierre Allemagne Fund comprises 37 properties, with a total value of around €300 mln. Assets principally comprise retail warehouses, retail warehouse centres and small shopping centres.
Internos is part of the US Principal Real Estate Investors, the real estate investment group within Principal Global Investors, based in Des Moines, Iowa. Principal Real Estate Investors has almost $75 bn of assets under management.
