European fund and asset manager Internos has sold three assets in Germany to a spezialfonds managed by GRR Real Estate Management.
European fund and asset manager Internos has sold three assets in Germany to a spezialfonds managed by GRR Real Estate Management.
The total purchase price was €22.5 mln.
The properties are a self-service multi store in Bramsche (North Rhine-Westphalia) as well as two retail centres in Nordenham (Lower Saxony) and Riegelsberg (Saarland).
GGR, which is based in Erlangen in Bavaria, will add the assets to its first retail fund, which it aims to boost to a volume of €300 mln over the next two to three years. Food retailers will represent around 70% of rental income. It is targeting properties valued at between €3 mln and €15 mln, which have long-term leases with creditworthy retail chains in the German food retail sector as anchor tenants.
The three properties acquired for the fund are let on long-term leases. They come from the portfolio of the German Retail Partnership Fund 1, which is managed by Internos Global Investors Group. Launched in 2007, this fund now comprises 57 specialist store and local retail centres throughout Germany valued at a total of around €125 mln.
With 6,250 m2 of leasable space and parking for 200 cars, the self-service multi store in Bramsche is the largest of the three properties acquired. The property in Riegelsberg has around 5,250 m2 and 210 car parking spaces. The Nordenham local retail centre has leasable space measuring about 3,200 m2 and provides parking for 150 cars.
GRR REM was advised on the transaction by Schulte Real Estate Investment.
