Internos Global Investors' German special funds unit has announced the sale of the Mar Vermelho office building in Lisbon to an unnamed Portuguese institutional investor for €22.6 mln.
Mar Vermelho provides 6,900 m2 of fully-let space across nine floors, as well as 176 car parking spaces in three basement levels. Tenants include Adecco and Regus Business Centre.
The fund portfolio now consists of six properties with a total value of €132.4 mln, located in Germany, France, Portugal and Spain.
The fund, launched in 2004, invests on behalf of a number of German pension funds and focuses on European commercial properties with value-add potential. It aims to achieve a target cash return of 5.5% per annum.
'This disposal is a good fit with the revised fund strategy, which envisages divesting a handful of properties while intensifying the letting and asset management activities at the remaining assets. This will generate a sustainable increase in value on behalf of investors,' said Paul H. Muno, partner and head of Capital Relations & Germany at Internos.
JLL’s Capital Markets Department advised Internos on the transaction.
In Portugal, Internos is also believed to have signed the acquisition of the SerraShopping retail scheme in Covilhã, north-west Portugal. PropertyEU reported last week that the asset manager, acting on behalf of an international client, has inked the deal with landlords Sonae Sierra and a fund managed by Patrizia's Rockspring.
SerraShopping was designed around the expansion of the Modelo supermarket in Covilhã, and opened fully let in November 2005.
Developer Sonae Sierra invested a total of €31 mln in the scheme which provides a total of 86 shop units with a gross lettable area (GLA) of 17,677 m2.
A few months after opening, it sold a 50% share to the PanEuropean Property Limited Partnership, a fund managed by Rockspring Property Investment Managers, for a yield of 6.76%.
