Principal acquires two retail properties in Germany

Principal acquires two retail properties in Germany

Principal Real Estate Europe, acting as asset and transaction manager of the SCPI NOVAPIERRE Allemagne 2 Fund managed by PAREF Gestion, has acquired two retail propertiesThe first is a toom DIY centre in Hanover. The vendor of the property is one of the funds managed by MCAP Global Finance, a European subsidiary of New York-based Marathon Asset Management. The asset is situated in the Brink Hafen commercial area, in the north of Hanover. The lettable area totals around 13,000m². The extension of the lease to toom was pre-negotiated by JLL, in the scope of an asset management instruction. The lease now has an unexpired term of more than ten years. 

 

The second property is a shopping centre in Torgau, Saxony, which was sold by the DC Cheyne Deutsche Fond XI S.C.S. fund, managed by OEH Advisory.The property, at Am Aussenring 1, has a lettable area of 26,300m². Originally constructed in 1993, it was restructured and comprehensively refurbished in 2017/18. The occupiers include Kaufland, Obi and a dm drugstore. The weighted average unexpired lease term (WALT) is 10.9 years. The parties to both transactions agreed not to disclose the purchase price.

 

Novapierre Allemagne 2, recently launched as a successor product to the Novapierre Allemagne fund, has therefore been able to realise its first three investments in the retail sector very rapidly. 

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