The SCPI NOVAPIERRE Allemagne Fund managed by PAREF Gestion and advised by Principal Real Estate Europe, has acquired a retail warehouse portfolio in Germany. The vendor of the real estate portfolio is a special mandate managed by PGIM Real Estate. The parties have agreed not to disclose the purchase price.
Three of the six retail properties (Coburg, Hassfurt and Naila) are in Bavaria, two (Erftstadt and Burscheid) are in North Rhine-Westphalia, and one is situated in Nienburg, Lower Saxony. The assets, which are virtually fully let, have a total lettable area of around 47,500m². The major tenants include Obi, Toom, Hagebau, Tedox, Lidl and Muller. The weighted average unexpired term (WAULT) of the existing leases is 8.6 years.
Following the acquisition of this portfolio, the fund is fully invested. It has acquired 62 properties which represent €582m of assets under management. A successor product, Novapierre Allemagne 2, has already been launched and acquired its first property.
