MGPA is working on a fresh retail acquisition in Germany for an unnamed separate account investor, Marius Schoener, head of MGPA Germany told PropertyEU on the first day of the EXPO REAL fair in Munich on Tuesday. Schoener declined to provide further details, but said the investment volume was between EUR 50 and EUR 100 mln and that the acquisition would likely be completed by the end of this month.
MGPA has typically focussed on value retail in the German market and has built up a major food-anchored platform through its MGPA Europe Fund III following the acquisition of a portfolio of 140 assets from German discount retailer Aldi in September 2010. A further 26 stores purchased in July this year from struggling AIM London-listed German investment company Develica Deutschland will also be part of the mix. The investment volumes for the acquisitions were kept confidential but the portfolio is believed to worth a few hundred million euros. The Develica portfolio acquired by MGPA Europe Fund III is mainly located in western Germany.
The new acquisition on behalf of MGPA’s new separate account client will also be in western Germany, Schoener said. MGPA has $10 bn of real estate under management globally, with Europe accounting for just under EUR 3 bn.
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