Internos Global Investors has bought five retail assets in Germany from May & Porth Group for an undisclosed sum.
Internos said it acquired the assets on behalf of the SCPI Novapierre Allemagne Fund, which is managed by PAREF Gestion.
The High 5 portfolio comprises five retail warehouses with a total lettable area of 16,555sqm and generates annual rental income of around €1.9m.
Two of the properties are located in Hamburg and rest of the portfolio in Stade, Gifhorn and Flensburg.
The portfolio is 98% let with a weighted average unexpired lease term weighted average unexpired lease term of nine years, the real estate fund manager said.
The SCPI Novapierre Allemagne Fund now comprises 35 properties with a total value of around €275m.
The fund focuses on properties anchored by food retailers with lot sizes between €5m to €50m and leases with six to eight years remaining.
