AEW value-add fund exits 11 German assets

The 11 shops have been sold to a German pharmaceutical pension fund for just over €58 million.

AEW Europe has sold 11 high street shops in Germany to APO Immobilien-Kapitalanlagegesellschaft, a propety asset manager of a German pharmaceutical pension fund.

AEW said in a statement that its value-added vehicle, European Property Investors (EPI), made the disposition for €58 million at a gross initial yield of around 6.5 percent. The assets are located in 10 towns and cities in Germany.

Ric Lewis, chief executive officer of the EPI fund, said in a statement the fund would continue to sell opportunistically.

The vehicle raised €500 million in 2004 and was followed up in 2008 with European Property Investors Special Opportunities, which closed with just under €800 million of equity.

Lewis recently left AEW Europe to set up his own firm Tristan Capital Partners but continues to manage EPI and the special opportunities fund.