Internos Real Investors has completed two disposals in Germany for EUR 36.2 mln on behalf of BGP Investment. Internos, the EUR 1.5 bn owner-managed real estate fund management business, is the 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 EUR 17 mln, representing a price of EUR 1,300 per sq m2.

The fully occupied portfolio comprises 13,193 m2 of lettable area rented out to 18 tenants with an average lease expiry of 7.5 years.

The second disposal is of a retail warehouse unit 14 kilometres north-east of Berlin which has been sold to a listed Israeli investor for EUR 19 mln, representing EUR 1,225 per 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. BGP’s current strategy is to continue selling down quality retail assets into a rising market to maximise shareholder value.'

Matt Walker, head of fund management at Internos, added: 'BGP's 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 BGP's expectations.'