Principal Real Estate acquires retail warehouse centre in Velbert (DE)

Principal acquires retail warehouse centre in Velbert (DE)

SCPI Novapierre Allemagne fund, advised by investment manager Principal Real Estate Europe and managed by asset manager PAREF Gestion, has acquired a retail warehouse and local shopping centre in the town of Velbert, North Rhine-Westphalia. The complex at Friedrichstrasse 303-311 includes an Aldi supermarket built in 2015, a MediaMarkt home electronics warehouse, a medical centre and other retail buildings. Standing on a 23,200m² site, it provides a total lettable area of 11,800m². The purchase price was not disclosed.


The complex has a vacancy rate of only 5% and a weighted average unexpired lease term (WAULT) of seven years. The vendors are private investors. With a population over 84,000, Velbert is located at the interface between the Dusseldorf, Essen and Wuppertal economic conurbations. The retail warehouse centre has a catchment population of around 50,000 living within five minutes' drive. There are 264 surface parking spaces, six disabled parking spaces and 16 spaces in an underground car park.

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