Internos Real Investors has made three acquisitions for its retail property fund, German Retail Partnership Fund I (GRP-1 Fund), bringing the total size of the vehicle to about EUR 178 mln.

The fund has acquired three neighbourhood retail centres in the western German towns of Rockenhausen in Rhineland-Palatinate, Laubach in Hesse, and Riegelsberg in Saarland. The properties, all built between 2006 and 2010, were acquired for roughly EUR 18 mln. They offer 11,500 m2 of lettable space and are leased for an average of a further 14 years to well-known retail teants such as Rewe, Wasgau, Netto, Rossmann and Lidl.

The GRP-1 Fund, which was set up at the end of 2007, now holds a portfolio of 63 properties and is nearly fully invested.

'With these latest acquisitions we were able in every respect to pursue our GRP-1 investment strategy of acquiring low-risk, high-yielding western German retail property assets, and to invest the EUR 32 mln of additional available funds arising from the refinancing of a partial portfolio at the end of last year,' said Berthold Becker, head of Asset Management and managing director of Internos in Germany. 'We intend to buy a further asset in this first quarter of 2011, and thus have the fund fully invested.'

Internos Real Investors is an owner-managed, independent and internationally-active investment fund and asset management platform based in London. The company, which was founded by Jos Short and Andrew Thornton in 2008, also operates from Amsterdam and Luxemburg, as well as the central location of Frankfurt in Germany.