PAREF Gestion acquires German retail park

PAREF Gestion acquires German retail park

Novapierre Allemagne 2 SCPI fund, managed by PAREF Gestion, advised by Principal Real Estate Europe, has acquired a retail property in Giengen, Germany. The vendor is a fund managed by the Hahn Group. The parties have agreed not to disclose the purchase price. The property, which is located at Riedstrasse 40 comprises around 13,600m² of lettable space. Built in 2008 and refurbished in 2019, the asset is fully let to a range of tenants including OBI,dm,AWG,Action and Danisches Bettenlager.

 

The weighted average unexpired lease term (WALT) within the property is around 9.6 years. The retail park benefits from 250 car parking spaces available on the approximately 31,000m² plot belonging to the property.

 

Novapierre Allemagne 2 SCPI, which was launched in 2019, primarily invests in German retail warehouses, retail warehouse centres and small shopping centres anchored by a food retailer. Its portfolio currently includes five properties.

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