The SCPI Novapierre Allemagne fund, managed by PAREF Gestion and advised by Principal Real Estate Europe, has acquired a portfolio of four retail warehouse centres with convenience shopping potential in the south-western surroundings of Frankfurt. The centres, in Alsbach (2 assets), Bischofsheim and Burstadt, provide a total lettable area of 9,800m². The current vacancy is 10% and the weighted average unexpired lease term (WALT) is 4.5 years. The purchase price was not disclosed.
The major anchor tenants are Alnatura, Penny, Shoe4You and KiK. Novapierre Allemagne, launched in January 2014, has now successfully closed 54 assets with €495m of acquisitions in Germany.
