Internos Global Investors, acting on behalf of the SCPI NOVAPIERE Allemagne Fund managed by PAREF Gestion, has purchased a retail warehouse centre in Germany. The vendor, made up of several investors, held the property in partial ownership. The purchase price has not been disclosed.
The retail warehouse has a total lettable area of 24,300 m² and generates annual rental income of approximately €1.9m. The property is situated on Voccartstrasse in Herzogenrath and is fully let with a weighted average unexpired lease term (WAULT) of eight years. The tenants include Rewe, Media Markt, Roller and Deichmann.
Dentons provided legal advice to the purchaser. ChandlerKBS carried out the technical due diligence. Orth Kluth provided legal advice to the vendor.
The SCPI NOVAPIERRE Allemagne Fund now comprises 37 properties, with a total value of around €300m. They principally comprise retail warehouses, retail warehouse centres and small shopping centres. The fund focuses on properties anchored by food retailers, with lot sizes between €5m and €50m, and leases with six to eight years remaining.
