Internos closes German retail deal for French SCPI

Internos Global Investors, the €3.9 bn owner-managed fund management firm, has acquired a portfolio of 10 retail assets in Germany for €38.3 mln.

The 25,000 m2 portfolio was purchased on behalf of the French SCPI Novapierre Allemagne fund, which is managed by Paref Gestion and for which Internos is the transaction and asset manager.

Located across Germany in the states of Bavaria, Baden-Wurttemberg and North-Rhine Westphalia, the assets are the latest to be added to the Novapierre fund, which was set up in a joint venture with Paref Gestion.

Launched in February 2014, the fund is the first SCPI-structured vehicle to invest French capital exclusively into German retail parks.

With a target gross investment volume of more than €200 mln, the fund has a remit to invest in the west of Germany and in micro-locations with strong underlying catchment areas, typically retail parks with four to six units let to national retailers.

Commenting on the acquisitions, Guillaume Masset, head of Benelux and Southern Europe at Internos, said: ‘With total assets in the fund now at €50 mln, we will be looking to make further purchases in the New Year.’