Principal Real Estate Europe, acting as asset and transaction manager of the SCPI NOVAPIERRE ALLEMAGNE Fund managed by Paref Gestion, has acquired a commercial park in Herborn, Hesse in Germany. The vendor is AEW and the investment vehicle of Kintyre, which delivered the asset and property management services. The parties agreed not to disclose the purchase price.
The asset is situated at Untere Au 1 – 12 and was built in 2005. It provides a lettable area of ca. 16,700m². The main tenants are a Herkules DIY and garden centre, Lidl, Thomas Philipps and Intersport. The property is currently 95% let, with a weighted average unexpired lease term (WAULT) of around nine years.
The Frankfurt office of the NAI Apollo group acted as transaction consultant to Kintyre within the scope of an exclusive sales mandate. Mayer Brown provided the legal support on the acquisition for Principal Real Estate Europe, while DLA Piper acted for the vendor.