German asset and property manager GPEP has announced the purchase of a retail property portfolio in Germany on behalf of a Luxembourg special fund of pension fund Bayerische Versorgungskammer. Financial details were not disclosed.
The Truffle portfolio including a total of 35 properties nationwide was bought from the closed-end Habona retail fund 05.
The package provides around 66,000 m2 of space and generates an annual rent of almost €9 mln. More than 90% of the space is leased to creditworthy food retailers, including REWE, Edeka and Netto. The occupancy rate is over 99% and the average remaining rental period (WALT) is around 10 years.
Jörn Burghardt, managing director of GPEP said: ‘With the purchase of the Truffle portfolio, we have succeeded in acquiring one of the most attractive food retail portfolios of the year 2021 for our investor - the Bayerische Versorgungskammer - in an extremely competitive market environment. This enabled us to increase our assets under management to just under €2.0 bn.’
Johannes Palla, managing partner of Habona, commented: ‘Habona also draws an extremely positive conclusion: With the timely liquidation of the fund, the investors in Habona Fonds 05 will receive a whopping extra return this year and a double-digit IRR return overall.’
BNP Paribas Real Estate brokered the deal.