GPT Halverton, the London-based European fund manager, has closed a €27.8 million ($38.7 million) deal for 11 German retail park properties.
The properties were bought from nine separate sellers from across the country, totalling almost 19,000 square meters. Two were based in North Rhine-Westphalia, four in Bavaria, three in Rhineland-Palatinate and two in Germany’s eastern states.
GPT’s German Retail Fund, which closed in December last year having attracted capital from institutional European and international investors including clients of CBRE Investors, ING Real Estate Select and Henderson Global Investors, is expecting to acquire around €285 million of real estate and should be fully invested by the first quarter of 2009, according to a statement.
Fund director Matthew Walker said current market conditions were proving a boost to GPT adding: “We expect to see more attractively priced opportunities such as these, as many foreign investors in Germany have withdrawn due to the lack of suitably priced debt.”
All the properties were fully let to tenants including discount store chains Aldi, Netto and Lidl.
GRP was the fifth fund from GPT since its inception in 2004. GRP has assets under manager of €136 million, with a further €50 million of purchases currently under due diligence, the statement said.