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.