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.