Internos Global Investors has sold a mixed-use asset in Munich to free up capital for reinvestment in the firm's residential portfolio as markets recover.

Internos Global Investors has sold a mixed-use asset in Munich to free up capital for reinvestment in the firm's residential portfolio as markets recover.

Internos has sold the retail/logistics asset, MKV, to MCAP Global Finance, a wholly owned subsidiary of New York-based investment adviser Marathon Asset Management.

The disposal was completed on behalf of BGP Investment, the former joint venture between Australian companies Babcock & Brown and the GPT Group.

Financial details were not disclosed.

MKV is located at 161-179 Landsberger Strasse in Munich and comprises 4.4 hectares of land with 57,660 m2 of lettable space as well as 609 car parking spaces. The property is anchored by Bauhaus, which occupies a 13,200 m2 unit. Other tenants include Galeria Logistik (Kaufhof), Zeitlager Self Storage, Prosegur and Staples.

Mark Dunstan, managing director of BGP, said: 'This sale is consistent with our strategy of selling non-residential assets to free up capital for reinvestment in our residential portfolio as markets recover, ahead of an eventual return of equity to shareholders. We have achieved some significant asset management successes and are pleased with the outcome of this transaction.'

Since taking over the mandate for BGP nearly five years ago, Internos has completed more than €1 bn of sales from the €1.2 bn portfolio.

Reed Smith and Pohlmann & Company advised vendor and purchaser respectively.