Manchester based investor Pervaiz Naviede’s European property company has reached the €1bn mark with its latest purchase.
Numisma, a joint venture between the Guernsey based Pervaiz Naviede Family Trust and the Stenham Group, has bought the ‘Project David’ retail portfolio for more than E500m.
It has bought the portfolio from the Distributa Group, a family-owned DIY retailer based in Germany. It consists of 17 DIY stores operated by Hela, 9 food stores operated by Accord, 5 Kaufland Hypermarkets as well as a head office and distribution warehouse relating to the family business.
The total size of the portfolio is nearly 2.8m sq ft.
Numisma is being advised by principal advisers, McCafferty Asset Management.
Numisma focuses three sectors – retail, office and distribution logistics. This year has invested in the acute care sector in Germany and Switzerland.