Internos ramps up fund asset disposals

Internos Global Investors is stepping up sales of assets from 2006-2007 vintage funds, taking advantage of improving pricing on the back of the wider availability of debt.

The investment manager is selling all the assets in German Retail Property Fund, one of seven closed-ended funds and mandates it took over managing when it acquired GPT Halverton in December 2009. The €150m fund has €90m of debt and 64 assets, which may be sold in one or two portfolios.

Internos expects the Benelux Industrial Partnership’s Dutch properties to be under offer shortly to two buyers for around €40m, and plans to sell the fund’s remaining, €80m-€90m of German assets this year.

“The pace is accelerating because there is more debt for secondary assets,” said Internos chairman Jos Short. “Historically there was very little debt and the only option was to sell small lots for equity.”

A few months ago Hansteen gained control of 40 Dutch assets from another Internos mandate, HBI Industrial, by buying UniCredit’s loan against the properties at a 51% discount.

The assets in a fourth fund, German Offices, went to Lone Star when it acquired the fund’s debt via its Excalibur debt acquisition from the Bundes-bank two years ago.