Principal Real Estate Europe, acting as asset and transaction manager for Paref Gestion, fund manager of the SCPI NOVAPIERRE ALLEMAGNE fund, has purchased two retail warehouses in Germany. The purchase price was not disclosed.
The first asset located in Prisdorf, south-west Schleswig-Holstein, comprises 20,000m² and is fully let with a weighted average unexpired lease term (WAULT) of 9.5 years. Built in 2003, the property is anchored by the food retailer Marktkauf and includes 570 car parking spaces.
In Stockstadt am Main, near Aschaffenburg in northern Bavaria, the company acquired a fully-let 6,100m² retail warehouse, which is let to nine tenants on a WAULT of seven years. Occupiers include food retailers Tegut and Aldi Sud. Built on a 25,000m² site at the junction of Taunusstrasse 5-7 and Industriestrasse 6 in 2008, the warehouse enjoys an excellent access to the B26 arterial road and includes 340 car parking spaces.
For the Prisdorf acquisition, Principal Real Estate Europe was advised by DLA Piper and TA Europe while the vendor was advised by BNP Paribas Real Estate and HanseReal Immobilienberatung. Stockstadt was an off-market transaction in which the Frankfurt office of the NAI Apollo group acted as a consultant for the Principal Real Estate Europe and Curtis Mallet-Prevost Colt & Mosle LLP law practice provided legal advice.
