Principal Real Estate Europe, acting as asset and transaction manager of the SCPI NOVAPIERRE ALLEMAGNE Fund managed by Paref Gestion, has acquired a retail warehouse centre in Neuoelsnitz, Germany. The vendor is an entrepreneurial family. The parties agreed not to disclose the purchase price.
The retail investment, located at Pflockenstrasse 28, was built in 1994. It currently comprises a lettable area of 15,150m² and is currently let to EDEKA and a Leitermann DIY centre, alongside some smaller retailers and café/restaurant operators. The weighted average unexpired term of the existing leases (WAULT) is around 8.2 years.