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GPEP Sells Nine Properties of Varying Commercial Use to NR Immobilien Service in Line with its Ongoing Portfolio Optimisation

Frankfurt, 03 April 2017 – Acting as portfolio manager for an institutional investor, GPEP GmbH (GPEP) just sold nine properties of varying types of commercial use in line with its ongoing portfolio optimisation. The assets include four Diska supermarkets, one property previously used as hotel, and a retail warehouse park anchored by a discount supermarket of the Netto brand. The floor area of the properties, which are located in Bavaria, Saxony, Saxony-Anhalt and Thuringia, adds up to a total of about 22,000 square metres. It was agreed not to disclose the purchase price.

The buyer is NR Immobilien Service GmbH, a property vehicle owned by EOS Immobilienworkout GmbH and seated in Mülheim an der Ruhr. “The properties sold by GPEP perfectly complement our existing real estate portfolio, and we had an efficient and smooth sales process,” said Jochen Prinz, Managing Director of NR Immobilien Service GmbH. The buyer was counselled by the Retail Investment Team of Cushman & Wakefield LLP during the transaction.

We plan to invest the proceeds from the property sales swiftly into selected retail properties occupied by grocery retailers as main tenants, thereby aligning the portfolio in terms of location, size and tenant structure in the best interest of our investor,” said Herwart Reip, Managing Director of GPEP whose sphere of ownership includes pre-acquisition audits, portfolio management and financing, among other responsibilities, as he elaborated the strategy.