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Press Releases 2018
INTERNOS buys High 5 Portfolio from May & Porth for the NOVAPIERRE Allemagne fund, on behalf of PAREF Gestion
Frankfurt am Main, 02 February 2018 – INTERNOS Global Investors (INTERNOS), a pan-European real estate fund manager with 2.75 bn Euro invested in real estate and 875 m Euro of firepower to invest in 2018, acting in its role as asset and transaction manager, has purchased five retail assets in Germany on behalf of the SCPI NOVAPIERRE Allemagne Fund, which is managed by PAREF Gestion.
The vendor, May & Porth Group (Itzehoe/ Lüneburg), was advised on the transaction by its Berlin-based subsidiary Concarus Real Estate Invest GmbH. The purchase price has not been disclosed.
The High 5 Portfolio comprises five retail warehouses with a total lettable area of 16,555 square metres and generates annual rental income of around 1.9 million Euro. 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 (WAULT) of nine years. The tenants include Edeka, Aldi, Penny, Rossmann and Media Markt.
JLL brokered the transaction and Curtis, Mallet-Prevost, Colt & Mosle LLP provided legal advice to the purchaser. CBRE PREUSS VALTEQ GmbH carried out the technical due diligence.
The SCPI NOVAPIERRE Allemagne Fund now comprises 35 properties with a total value of around 275 million Euro. They principally comprise retail warehouses, retail warehouse centres and small shopping centres. The fund focuses on properties anchored by food retailers with lot sizes between 5-50 million Euro and leases with six to eight years remaining.
INTERNOS is part of the US Principal Real Estate Investors (Prin RE), part of Principal Global Investors, which is based in Des Moines, Iowa. Prin RE, which has almost Euro 75 bn of assets under management, is one of the top 10 global real estate managers.
Company contact for further information:
Paul H. Muno
INTERNOS Global Investors Kapitalverwaltungsgesellschaft mbH
T +49 69 50 50 66 9 30
Press contact for further information:
Targa Communications GmbH
Tel: +49 69 153 24 21-0
Notes to Editors:
INTERNOS Global Investors (www.internosglobal.com) INTERNOS Global Investors is a pan-European fund and asset management platform, specialising in real estate. The company develops strategic investment and management solutions for institutional investors in all property asset classes across Europe. Principal Global Investors (PGI), which leads global asset management at Principal®, and INTERNOS Global Investors announced in November 2017 that PGI will acquire INTERNOS, with completion subject to regulatory approvals. As part of PGI’s multi-boutique operating model, INTERNOS will retain its investment and management independence, while gaining access to the resources and scale of a major financial institution. Principal is one of the largest investment managers in the world with $655.5 billion* in assets under management, of which $74.9 billion** is invested in real estate through either debt or equity (www.principalglobal.com).
* As of September 30, 2017
**As of September 30, 2017