Internos Global Investors has formed a joint venture with French fund manager Paref Gestion to launch a SCPI fund that will invest exclusively in German retail park assets.
Internos Global Investors has formed a joint venture with French fund manager Paref Gestion to launch a SCPI fund that will invest exclusively in German retail park assets.
Novapierre Allemagne will be open mainly to retail investors and have an initial target gross asset value of up to €160 mln, including a maximum gearing of 40%. The fund aims to generate annual distributions of 6%.
The fund has a remit to invest in retail park assets located in the west of Germany and with a strong underlying catchment. The parks will typically comprise four to six units let to national retailers which are dominant to the local area.
Commenting on the fund launch, Internos co-founder and CEO Andrew Thornton said: ‘We believe the relative strength of the German economy has created an opportunity for overseas investors to generate attractive returns from retail parks located in strongly performing regions. Over the next four years, we will use our expertise and track record of investing in Germany’s complex and regionally diverse real estate market to select and manage retail parks fitting the profile of the fund.’
Internos currently manages over €1.5 bn of assets in Germany across 11 funds and four separate account mandates. In total, the company has €4.1 bn under management. In November 2013, Internos completed the acquisition of Commerz Real’s real estate Spezialfonds platform.
Click on the attachment below to read PropertyEU’s exclusive interview with Internos co-founders Andrew Thornton and Jos Short about the company’s strategy.
