Internos secures EUR 37.5m loan for German retail fund

Fund manager Internos Real Investors said on Monday it has secured a new EUR 37.5 mln loan facility with German real estate bank Berlin-Hannoversche Hypothekenbank for its German Retail Partnership Fund (GRP) and subsequently acquired a retail park in Northern Bavaria on behalf of GRP for EUR 8.8 mln.

Berlin Hyp has provided a 6-year commitment on attractive terms, as the relatively modest leverage required by GRP allows the benefit of the bank's Pfandbrief funding to be fully reflected in the pricing of the loan.

With the new loan facility in place, Internos intends to increase assets under management in the GRP fund to approximately EUR 200 mln by the end of the year. Launched in 2007, the GRP fund is a specific retail vehicle targeting higher yielding German neighbourhood shopping centres and retail parks anchored by supermarkets.