GRR buys further assets for retail fund from Internos

The Erlangen, Bavaria-based GRR Real Estate Management GmbH (GRR REM) has acquired a bundle consisting of three retail properties for its GRR German Retail Fund No.1 from a fund managed by Internos Global Investors.

The GRR fund, which focuses on retail properties in the basic retail segment, is to grow to almost €300 million in the course of the investment period of two to three years, with food retailers representing around 70% of rental income. Launched in 2012, the fund already owns 21 properties.

The properties in this latest deal are a self-service multi store in Bramsche (North Rhine-Westphalia) as well as two local retail centres, one in Nordenham (Lower Saxony) and another in Riegelsberg (Saarland). The combined purchase price was €22.5m. Key tenants in the three centres include grocery retailers Edeka, Penny and Rewe on long leases.

The Internos fund, the German Retail Partnership Fund 1 which is selling the three properties, was launched in 2007, and now comprises 57 specialist stores and local neighbourhood centres throughout Germany valued at about €125m.