Principal acquires DIY centre in Rostock (DE)

Principal acquires DIY centre in Rostock (DE)

Principal Real Estate Europe, acting as asset and transaction manager, and Paref Gestion, fund manager of the SCPI Novapierre Allemagne, has acquired a retail property in Rostock, Germany, from a private investor. The parties agreed not to disclose the purchase price.

 

Located at Trelleborger Strasse 7, the asset, which was built in 1994, has a total lettable area of around 8,600m² and is let to a'toom' DIY centre on a long-term lease. The DIY centre benefits from easy access to public transport. It also boasts a parking facility for ca. 340 vehicles which can be accessed via the A19 motorway.

 

GSK Stockmann provided legal advice to the purchaser, with Duff & Phelps REAG responsible for technical matters. The vendor was advised by the Bender Harrer Krevet legal partnership.

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