FUNDS

Core European Series (ICE)

ShoppingCenterD

ShoppingCenterD – a specialized fund that invests in German Shopping Centers.

The Shopping Center D Fund was established in 2005 and is invested in high-quality German properties with strong cash flows and value development potential.

With regard to the investment locations, all German cities with more than 50,000 inhabitants can be considered. The focus of the fund is on shopping centres of greater than 25,000 sqm lettable space. The intention is therefore to acquire centres which are dominant in their catchment areas – satisfying the majority of customer needs and offering parking while forming an integral part of the retail range of a city.

The fund will take a flexible approach to location and sector allocations to take full advantage of local market dynamics in developing the portfolio.

The target returns for the fund is a cash flow yield of approx. 6 %.

The lot size of target properties is between €150 – €200 million.

The target LTV of the fund is 40 – 50%.

This fund is currently not open to new investors.

RISK PROFILE

  • % of fund Core/Core+ (by valuation) 100%
  • % of fund Value Add (by valuation) 0%
  • % of fund Opportunistic (by valuation) 0%
MANAGER

INTERNOS Spezialfondsgesellschaft mbH

STRUCTURE

Real Estate AIF according to KAGB for institutional investors

ASSET-CLASS

Retail

INVESTMENT UNIVERSE

Germany

INVESTMENT STYLE

Core

INCEPTION / DURATION

Launched in 2008 with an indefinite term

EQUITY

€192 million

TOTAL INVESTMENT VOLUME

€334 million

GEARING

50%

TARGET LOT SIZE

€150 – €200 million

INITIAL TARGET RETURNS

6 % cash flow yield p.a. (10-year average)

TOTAL EXPENSE RATIO (TER)

0.9%

GEOGRAPHIES

INTERNOS Global Investors
65 Grosvenor Street, London W1K 3JH, United Kingdom

Phone +44 (0) 20 7355 8800       Fax +44 (0) 20 7355 8801
www.internosglobal.com

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