INTERNOS was founded by Jos Short and Andrew Thornton in May 2008. Both had been top managers in international real estate investment for large American corporations for some time – Pramerica and Invesco respectively. The Lehmann Brothers collapse in 2008 was the backdrop to the first year of the Company during which it had recruited the nucleus of a strong executive team.

After September 2008, virtually no new real estate funds were launched in Europe or North America and the team concentrated on manager replacement opportunities.

Most significantly, INTERNOS joined the bidding in late 2009 to acquire (at a nominal fee) the Australian GPT group’s European fund business as it made a strategic decision to exit Europe.

Competing with up to 40 of its peers and having to convince both GPT and the larger fund investors of its credentials, INTERNOS was successful and took over GPT Halverton in December 2009. This gave a vital platform of approximately €1.5 billion assets under management and a team with on the ground expertise in Germany and the Netherlands as well as a highly reputed fund management and structuring team in London and Luxembourg.

Since 2009 INTERNOS has grown through winning new mandates from single clients, achieving new fund closings and success in manager replacement bids, to now being responsible for €2.75 billion of assets under management and administration, having grown the team to over 100 real estate professionals with offices in eight countries.

INTERNOS timeline


June First close €133 million equity in Hotel Fund II
May First close €140 million equity in INTERNOS’ flagship core fund, ICE Balanced
April Appointed by a corporate pension fund


November Awarded €200 million Sharia compliant Core/Core+ mandate
February Appointed by South American family office in Iberian investments
April Fund Restructure & additional equity raise in ICE Office+ fund


June Preliminary €500 million multi-core European Fund
March €100 million DREF German Student Accommodation Fund


March INTERNOS / PAREF JV German retail park fund currently with a GAV of €200 million 
September Fiduciary Manager €250 million UK Residential Fund


July Appointed manager to £175 million UK Local Shopping REIT
July Second close of Hotel Fund at €210 million of equity
October Mandate from Saxony Doctors up to €200 million in hotels
October Preferred Bidder for €1.68 billion Commerzreal Spezialfonds
November Appointed by British Land to run €230 million PREF


January Appointed to manage Kaupthing’s €90 million Celsius Fund in France
June Grant of KAG licence by BAFin in Germany


January INTERNOS appointed advisor to €168 million Merchant Place Property Partnership
Feburary INTERNOS finalist in ‘Fund Manager of the Year’
June The Decisive Eye wins ‘Best Research’ in Property Marketing Awards
July Paul Muno joins INTERNOS as head of Germany from Commerzreal Spezialfonds
December Manager replacement for €450 million IERET European fund


March Disposal of HBI €330 million Industrial Portfolio in Germany
November New Hotel & Leisure Division


December Preferred bidder for GPT Halverton platform


May INTERNOS launched in London by Jos Short and Andrew Thornton

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