Internos concludes 36.2 million of disposals for BGP Fund (DE)
Friday 24 June 2011
Internos Real Investors LLP, the 1.5 billion owner-managed real estate fund management business, announces that it concluded two disposals in Germany for 36.2 million on behalf of BGP Investment Sarl., for which it is asset and investment manager.
The first disposal is of a portfolio of five modern retail parks in Bavaria and Rhineland-Palatinate, sold to a fund managed by Cordea Savills for a total of 17.193 million, representing a price of 1,300/m² on lettable area.
The portfolio which is 100% occupied, comprises 13,193 m² of lettable area occupied by 18 tenants with an average lease expiry of 7.5 years.
The second disposal is of a retail warehouse unit 14km north-east of Berlin which has been sold to a listed Israeli investor for 19 million, representing 1,225/m². The property comprising 15,500 m² of lettable area, is let to Selgros Cash and Carry until December 2019.
Mark Dunstan, CEO of BGP Investment commented: We are pleased with this result. BGPs current strategy is to continue selling down quality retail assets into a rising market to maximize shareholder value.
Matt Walker, Head of Fund Management at Internos added: BGPs German retail portfolio ranges from supermarket anchored retail parks to significant shopping centres in Bavaria, with an average occupancy of 99%. Individual assets and portfolios are being progressively released when pricing meets BGPs expectations.